<SUBMISSION>
<ACCESSION-NUMBER>0000950124-02-002058
<TYPE>424B5
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20020611
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PULTE HOMES INC/MI/
<CIK>0000822416
<ASSIGNED-SIC>1531
<IRS-NUMBER>382766606
<STATE-OF-INCORPORATION>MI
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B5
<ACT>33
<FILE-NUMBER>333-86806
<FILM-NUMBER>02676497
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>33 BLOOMFIELD HILLS PKWY STE 200
<CITY>BLOOMFIELD HILLS
<STATE>MI
<ZIP>48304
<PHONE>2486472750
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>33 BLOOMFIELD HILLS PKWY
<CITY>BLOOMFIELD HILLS
<STATE>MI
<ZIP>48304
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PHM CORP
<DATE-CHANGED>19920703
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PULTE CORP
<DATE-CHANGED>19931118
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>k70136e424b5.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT PURSUANT TO RULE 424B5
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="right">
<B><FONT size="2">Filed Pursuant to Rule 424(b)(5)</FONT></B>

<DIV align="right">
<B><FONT size="2">Registration No.&nbsp;333-86806</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">PROSPECTUS SUPPLEMENT</FONT></B>

<DIV align="left">
<B><FONT size="2">(To Prospectus dated June&nbsp;7,
2002)</FONT></B>
</DIV>

<P align="center">
<IMG src="k70136pultec1.gif" alt="(PULTE LOGO)">

<P align="center">
<B><FONT size="5">$300,000,000</FONT></B>

<P align="center">
<B><FONT size="6">Pulte Homes, Inc.</FONT></B>

<P align="center">
<B><FONT size="5">7.875% Senior Notes due 2032</FONT></B>

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The senior notes will bear interest at a rate of
7.875% per year. Interest on the senior notes of Pulte Homes,
Inc. is payable semi-annually on June&nbsp;15 and
December&nbsp;15 of each year, beginning on December&nbsp;15,
2002. The senior notes will mature on June&nbsp;15, 2032. We may
redeem some or all of the senior notes at any time at the prices
described under the heading &#147;Description of Senior Notes
&#150; Optional Redemption.&#148; The senior notes will not have
the benefit of any sinking fund.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The senior notes will be our unsecured
obligations and will rank equally with all our other unsecured
and unsubordinated indebtedness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The senior notes will be guaranteed on a senior
basis by guarantees of our direct or indirect wholly-owned
homebuilding subsidiaries in the United States, including Pulte
Home Corporation and Del Webb Corporation.
</FONT>

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved
of these senior notes or determined if this prospectus
supplement or the prospectus to which it relates is truthful or
complete. Any representation to the contrary is a criminal
offense.
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Per Senior Note</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Public offering price
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">99.565</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">298,695,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Underwriters&#146; discount and commissions
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.875</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,625,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds, before expenses, to Pulte
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98.690</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">296,070,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest on the senior notes will accrue from
June&nbsp;12, 2002 to date of delivery.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The underwriters expect to deliver the senior
notes to the purchasers on or about June&nbsp;12, 2002.
</FONT>

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="center">
<I><FONT size="2">Sole Book Running Manager</FONT></I>

<DIV align="center">
<B><FONT size="5">Salomon Smith Barney</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<I><FONT size="2">Co-Lead Managers</FONT></I>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"><B><FONT size="5">Banc of America Securities LLC</FONT></B></TD>
    <TD align="right"><B><FONT size="5">Banc One Capital Markets, Inc.</FONT></B></TD>
</TR>

</TABLE>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<B><FONT size="5"> Comerica Securities, Inc.</FONT></B>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="5"> SunTrust Robinson Humphrey</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="19%"></TD>
    <TD width="81%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="5"> Credit Lyonnais Securities USA Inc.</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="29%"></TD>
    <TD width="71%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="5"> Credit Suisse First Boston</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="5"> PNC Capital Markets, Inc.</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="48%"></TD>
    <TD width="52%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="5"> ABN AMRO Incorporated</FONT></B></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">June&nbsp;7, 2002
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">THE OFFERING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PULTE HOMES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SELECTED CONSOLIDATED FINANCIAL INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">USE OF PROCEEDS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">CAPITALIZATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">THE GUARANTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">DESCRIPTION OF SENIOR NOTES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">UNDERWRITING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">LEGAL MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">ABOUT THIS PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">PULTE HOMES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">THE TRUSTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">WHERE YOU CAN FIND MORE INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">A WARNING ABOUT FORWARD-LOOKING STATEMENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">USE OF PROCEEDS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">ACCOUNTING TREATMENT RELATING TO TRUST SECURITIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#016">RATIO OF EARNINGS TO FIXED CHARGES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#017">THE OFFERING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#018">DESCRIPTION OF DEBT SECURITIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#019">DESCRIPTION OF CAPITAL STOCK</A></TD></TR>
<TR><TD colspan="9"><A HREF="#020">DESCRIPTION OF WARRANTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#021">DESCRIPTION OF STOCK PURCHASE CONTRACTS AND STOCK PURCHASE UNITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#022">DESCRIPTION OF TRUST PREFERRED SECURITIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#023">DESCRIPTION OF THE TRUST PREFERRED SECURITIES GUARANTEE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#024">PLAN OF DISTRIBUTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#025">EXPERTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#026">LEGAL OPINIONS</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You should rely only on the information contained
in or incorporated by reference in this prospectus supplement
and the accompanying prospectus. We have not authorized anyone
to provide you with different information. We are not making any
offer of these securities in any state where the offer is not
permitted. You should not assume the information provided by
this prospectus supplement, the accompanying prospectus or the
documents incorporated by reference in the prospectus is
accurate as of any date other than the date on the front of this
prospectus supplement, the date on the front of the accompanying
prospectus or the date of the applicable incorporated document,
as the case may be.
</FONT>

<P align="center">
<HR size="1" width="22%" align="center" noshade>

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD colspan="5" align="center" valign="top">
    <B><FONT size="2">Prospectus Supplement</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Offering
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pulte Homes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Selected Consolidated Financial Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Use of Proceeds
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Guarantors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Senior Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Underwriting
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal Matters
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="center" valign="top">
    <B><FONT size="2">Prospectus</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">About this Prospectus
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pulte Homes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Trusts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Risk Factors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Where You Can Find More Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">A Warning About Forward Looking Statements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Use of Proceeds
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounting Treatment Relating to Trust Securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of Earnings to Fixed Charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Offering
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Debt Securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Capital Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Warrants
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Stock Purchase Contracts and Stock
    Purchase Units
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Trust Preferred Securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Trust Preferred Securities
    Guarantee
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Relationship Among the Trust Preferred Securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Plan of Distribution
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Experts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal Opinions
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">S-2
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">When this prospectus supplement uses the words
&#147;Pulte,&#148; &#147;we,&#148; &#147;us,&#148; and
&#147;our,&#148; they refer to Pulte Homes, Inc. and its
respective consolidated subsidiaries, unless otherwise expressly
stated or the context otherwise requires.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The information in this prospectus supplement,
the accompanying prospectus and the documents incorporated by
reference in the accompanying prospectus concerning the
homebuilding industry, our market share, our size relative to
other homebuilders and similar matters is derived principally
from publicly available information and from industry sources.
Although we believe that this publicly available information and
the information provided by these industry sources is reliable,
we have not independently verified any of this information and
we cannot assure you of its accuracy.
</FONT>

<P align="center"><FONT size="2">S-3
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "THE OFFERING" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center">
<B><FONT size="2">THE OFFERING</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following is a brief summary of certain terms
of this offering. For a more complete description of the terms
of the senior notes, see &#147;Description of Senior Notes&#148;
in this prospectus supplement.
</FONT>

<P align="left">
<B><FONT size="2">Terms of The Senior Notes:</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Issuer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Pulte Homes, Inc., a Michigan corporation.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Aggregate Principal Amount
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">$300,000,000.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Interest Rate
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">7.875% per year.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Maturity Date
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">June&nbsp;15, 2032.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Interest Payment Dates
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">June&nbsp;15 and December&nbsp;15 of each year,
    beginning December 15, 2002, to holders of record on the
    June&nbsp;1 or December&nbsp;1 preceding the relevant interest
    payment date.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Interest Calculations
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Based on a 360-day year of twelve 30-day months.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Ranking
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The senior notes will rank equally with all of
    our unsecured and unsubordinated indebtedness.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Guarantees
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Payment of principal of and interest on the
    senior notes will be guaranteed, jointly and severally (the
    &#147;Guarantees&#148;), by our direct or indirect wholly-owned
    homebuilding subsidiaries in the United States, including Pulte
    Home Corporation and Del Webb Corporation (the
    &#147;Guarantors&#148;). The Guarantees will rank equally with
    all other unsecured and unsubordinated indebtedness of such
    subsidiaries.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Repurchase at Option of Holder
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Upon a Change in Control Triggering Event, each
    holder of senior notes will have the right, at the holder&#146;s
    option, subject to the terms and conditions of the indenture
    governing the senior notes, to require us to purchase all or any
    part of such holder&#146;s senior notes at a cash price equal to
    100% of their face amount, plus accrued interest to the date of
    repurchase. See &#147;Description of Senior Notes&nbsp;&#151;
    Repurchase of the Senior Notes at the Option of the Holder&#148;
    in this prospectus supplement.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Optional Redemption
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We may redeem any or all of the senior notes at
    any time at a redemption price equal to the greater of
    (1)&nbsp;100% of the principal amount of the senior notes being
    redeemed and (2)&nbsp;the sum of the present values of the
    remaining scheduled payments of principal and interest on the
    senior notes being redeemed, discounted to the redemption date
    on a semiannual basis (assuming a 360-day year consisting of
    twelve 30-day months) at the Treasury Rate (as defined below)
    plus 35 basis points, plus, in each case, accrued and unpaid
    interest on the senior notes to the redemption date.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Sinking Fund
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">None.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Form and Denominations
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The senior notes will be issued in book-entry
    form in denominations of $1,000 and integral multiples thereof
    and represented by one or more global notes deposited with a
    custodian for, and registered in the name of a nominee of, The
    Depository Trust Company.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">S-4
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Settlement
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Same-day&nbsp;&#151; immediately available funds.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Use of Proceeds
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We estimate that we will receive net proceeds
    from the offering, after deducting the underwriters&#146;
    discount and commissions and before offering expenses, of
    approximately $296,070,000. We intend to use the proceeds
    primarily to repay certain outstanding indebtedness under our
    revolving credit facility and for general corporate purposes.
    Prior to application for the foregoing purposes, we may invest a
    portion of the proceeds in short-term investments.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">General Indenture Provisions Applicable to the
Senior Notes:</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">No Limit on Debt
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The indenture governing the senior notes does not
    limit the amount of debt that we may issue or provide holders
    any protection should we be involved in a highly leveraged
    transaction.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Certain Covenants
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The indenture governing the senior notes contains
    covenants that, among other things, will limit our ability and
    the ability of some of our subsidiaries to:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;issue,
    assume or guarantee certain additional secured indebtedness; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;engage
    in sale and lease-back transactions.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">These covenants are subject to important
    exceptions and qualifications, which are described under the
    heading &#147;Description of Senior Notes&#148; in this
    prospectus supplement and under the heading &#147;Description of
    Debt Securities&#148; in the accompanying prospectus.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Events of Default
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Each of the following is an event of default
    under the indenture governing the senior notes:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;our
    failure to pay principal of or premium, if any, on the senior
    notes when due;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;our
    failure for 30&nbsp;days to pay interest when due on the senior
    notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;the
    occurrence of a default in respect of our debt or the debt of
    our subsidiaries (except certain non-recourse land financing)
    totaling $10&nbsp;million or more in aggregate principal amount,
    resulting in the acceleration of such debt or due to the failure
    to pay such debt at maturity;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;any
    guarantee in respect of the senior notes by certain of our
    guarantors ceases to be in full force and effect and enforceable
    in accordance with its terms;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;our
    failure to perform other covenants with respect to the senior
    notes for 60&nbsp;days after receipt of notice of failure; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;certain
    events of bankruptcy, insolvency or reorganization.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If any event of default occurs and is continuing,
    the trustee under the indenture or holders of at least 25% in
    aggregate
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">S-5
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">principal amount of outstanding debt securities
    issued under the indenture may declare the principal thereof
    immediately due and payable.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Other
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The senior notes will constitute a single series
    of debt securities under the indenture and will therefore vote
    together as a single series for purposes of determining whether
    the holders of the requisite percentage in outstanding principal
    amount have taken certain actions or exercised certain rights
    under the indenture.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">S-6
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "PULTE HOMES" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center">
<B><FONT size="2">PULTE HOMES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are a publicly held holding company whose
subsidiaries engage in the homebuilding and financial services
businesses. We have three reportable business segments:
homebuilding, financial services and corporate.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The homebuilding segment of our operations
consists of two business units: domestic homebuilding and
international homebuilding. Through Pulte Home Corporation, Del
Webb Corporation and our other homebuilding subsidiaries in the
United States, we acquire land, develop communities and build
and sell a wide variety of homes, including detached units,
townhouses, condominium apartments and duplexes, all primarily
sold for use as principal residences. Our homes are targeted to
first-time, move-up, semi-custom and active adult home buyers (a
growing demographic group in their pre-retirement and retirement
years). Our international homebuilding subsidiaries engage in
residential land development and homebuilding in Mexico, Puerto
Rico and Argentina, primarily through subsidiaries of Pulte
International Corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Through Pulte Mortgage Corporation, we also
provide mortgage financing services, primarily to buyers of our
homes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our homebuilding strategy in the United States is
focused on the continued development of the Pulte consumer and
value-based brand. Our goal is to create a wide array of
well-located, quality-built residential housing communities for
homebuyers to provide repeat sales opportunities as they
transition from first-time, move-up, semi-custom and ultimately
to active adult buyers. We believe our July&nbsp;31, 2001 merger
with Del Webb Corporation strengthens our position in the high
growth, active adult market. Our extensive pre-construction
market research and analysis enables us to understand what our
homebuyers desire. We then specifically develop our communities
and products to that well-defined homebuyer profile. Our
commitment to research and development is focused on the
continuous improvement of construction and land development
techniques, which allows us to provide high levels of quality
and value in our homes and communities. Our Pulte Preferred
Partnership (P<SUP>3</SUP>) program was initiated with a goal
toward developing long-term relationships with premier
contractors and suppliers to maximize execution of our
development and building plans. In addition, we believe that our
well-capitalized financial structure combined with our high
level of production volume allow us to negotiate favorable
material and supply purchasing agreements on a national and/or
regional basis to minimize our costs of production. Finally, our
mortgage financing subsidiaries have continued to automate
operations to (a)&nbsp;enhance customer service,
(b)&nbsp;facilitate the sales process and (c)&nbsp;reduce
mortgage origination production costs to maximize profitability.
We believe the Del Webb merger facilitates implementation of
these goals and we will continue to evaluate available strategic
acquisition opportunities that coincide with our long range
goals.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our executive offices are located at 33
Bloomfield Hills Parkway, Suite 200, Bloomfield Hills, Michigan
48304, and our telephone number is (248) 647-2750. By the end of
June 2002, our executive offices will be located at 100
Bloomfield Hills Parkway, Suite&nbsp;300, Bloomfield Hills,
Michigan 48304.
</FONT>

<P align="center"><FONT size="2">S-7
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "SELECTED CONSOLIDATED FINANCIAL INFORMATION" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center">
<B><FONT size="2">SELECTED CONSOLIDATED FINANCIAL
INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table contains selected
consolidated financial data and is qualified by the more
detailed consolidated financial statements and related notes of
Pulte incorporated by reference into the accompanying
prospectus. The balance sheet data as of December&nbsp;31, 1997,
1998, 1999, 2000 and 2001 and the income statement data for each
of the fiscal years ended December&nbsp;31, 1997, 1998, 1999,
2000 and 2001 are derived from the audited consolidated
financial statements of Pulte. The balance sheet data as of
March&nbsp;31, 2001 and 2002 and the income statement data for
the quarter ended March&nbsp;31, 2001 and 2002 are not audited
and are preliminary data prepared by management, and in the
opinion of management, include all adjustments (consisting of
normal recurring accruals) necessary for a fair presentation of
the results for such periods. The following selected historical
financial data should be read in conjunction with
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; and the consolidated
financial statements and related notes thereto contained in our
annual report on Form&nbsp;10-K for the fiscal year ended
December 31, 2001 and our quarterly report on Form&nbsp;10-Q for
the quarter ended March&nbsp;31, 2002 which are incorporated
into this offering.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="27%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Three Months ended</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="18" align="center" nowrap><B><FONT size="1">Year Ended December 31,</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="18" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">1997</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="26" align="center" nowrap><B><FONT size="1">(Dollars in thousands, except average sales prices)</FONT></B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="1">Income Statement Data&nbsp;(1):</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Homebuilding
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,508,507</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,837,710</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,711,196</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,195,675</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,309,829</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">825,047</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,355,605</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Financial Services
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,962</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">46,383</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">54,279</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,669</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">77,222</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,711</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,024</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Corporate
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,782</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,692</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,748</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">633</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,210</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">717</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,554,251</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,896,785</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,768,223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,246,977</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,389,261</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">840,475</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,378,741</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pre-tax income (loss):
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Homebuilding
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">104,364</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">170,311</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">311,668</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">386,604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">512,291</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">66,478</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">115,334</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Financial Services
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,828</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,229</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,721</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,788</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,948</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,672</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,254</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Corporate
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,217</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,726</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(50,984</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(56,296</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(57,452</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,542</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(15,054</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total pre-tax income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">80,975</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(2)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">165,814</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">286,405</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">355,096</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">491,787</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">63,608</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112,534</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,175</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">64,666</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">108,118</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">136,712</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">189,362</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,489</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">43,894</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income from continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">101,148</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">178,287</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">218,384</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">302,425</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,119</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">68,640</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income (loss) from discontinued operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,961</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,035</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(122</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(29,871</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,032</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">252</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(528</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">52,761</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">102,183</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">178,165</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">188,513</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">301,393</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,371</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">68,112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="1">Balance Sheet Data&nbsp;(1):</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Assets:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Homebuilding
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,446,340</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,765,431</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,157,395</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,443,540</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,060,583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,667,770</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,180,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Financial Services
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">224,624</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">274,488</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">237,318</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">283,265</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">485,297</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">250,203</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">322,722</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Corporate
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">389,472</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">222,642</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,638</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">159,678</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">168,396</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">124,938</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,270</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,060,436</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,262,561</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,487,351</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,886,483</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,714,276</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,042,911</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,608,028</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Indebtedness (including current maturities):(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Homebuilding
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,405</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,405</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Financial Services
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">200,120</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">245,135</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">206,959</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">242,603</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">413,675</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">209,830</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">261,256</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Corporate
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">487,303</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">508,496</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">508,690</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">666,296</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,722,864</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">865,202</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,722,605</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total indebtedness
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">709,828</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">776,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">715,649</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">908,899</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,136,539</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,075,032</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,983,861</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Shareholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">812,837</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">921,442</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,093,319</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,247,931</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,276,665</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,295,611</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,376,450</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">S-8
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="33%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">Three Months ended</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="18" align="center" nowrap><B><FONT size="1">Year Ended December 31,</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="18" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">1997</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="26" align="center" nowrap><B><FONT size="1">(Dollars in thousands, except average sales prices)</FONT></B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="1">Summary of Operating and Other Financial
    Data:</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">EBITDA&nbsp;(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">121,370</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">205,291</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">347,913</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">426,332</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">549,930</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">80,242</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">141,487</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Ratio of earnings to fixed charges&nbsp;(4)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2.46</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3.69</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.08</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.29</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4.16</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(5)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3.79</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3.02</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Homebuilding in the United States:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Unit settlements
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,068</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,511</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,848</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,799</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,915</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,502</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Average sales price
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">162,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">175,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">187,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">206,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">225,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">214,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">238,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Backlog of sales contracts&nbsp;&#151; units
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,507</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,585</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,477</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,678</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,164</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,264</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Backlog of sales contracts&nbsp;&#151; dollar
    value
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">636,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,036,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,180,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,307,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,118,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,900,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,812,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Certain amounts in the years 1997 through 2001
    were re-classified to conform to the year 2002 presentation.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">1997 pre-tax income includes a one-time
    restructuring charge of $20&nbsp;million.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Earnings from continuing operations before
    deductions for interest, taxes, depreciation and amortization,
    or EBITDA, is provided because it is a measure commonly used to
    evaluate a company&#146;s ability to service its indebtedness.
    EBITDA is presented to enhance the understanding of our
    operating results and is not intended to represent cash flows or
    results of operations in accordance with generally accepted
    accounting principles in the United States, or GAAP, for the
    periods indicated. EBITDA is not adjusted for interest income or
    expense of our financial services operations. EBITDA is not a
    measurement under GAAP and is not necessarily comparable with
    similarly titled measures of other companies.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The ratios of earnings to fixed charges set forth
    above are computed on a total enterprise basis, except for our
    discontinued thrift operations, which are excluded. Fixed
    charges include interest incurred and a portion of rent expense,
    which represents the estimated interest factor and amortization
    of debt expense.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Calculations for 2001 include the operations of
    Del Webb Corporation since July&nbsp;31, 2001, the date on which
    our merger with Del Webb Corporation closed.
    </FONT></TD>
</TR>

</TABLE>

<!-- link1 "USE OF PROCEEDS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center">
<B><FONT size="2">USE OF PROCEEDS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We estimate that we will receive net proceeds
from the offering, after deducting the underwriters&#146;
discount and commissions and before offering expenses, of
approximately $296&nbsp;million. We intend to use the net
proceeds from this offering to repay outstanding indebtedness
under our revolving credit facility, which was $125&nbsp;million
at March&nbsp;31, 2002. Remaining proceeds will be added to our
general funds and used for general corporate purposes. Prior to
application for the foregoing purposes, we may invest a portion
of the proceeds from this offering in short term investments.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Borrowings under our revolving credit facility
had a weighted average interest rate of 2.74% as of the quarter
ended March&nbsp;31, 2002. The revolving credit facility matures
on August&nbsp;31, 2005.
</FONT>

<P align="center"><FONT size="2">S-9
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "CAPITALIZATION" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="center">
<B><FONT size="2">CAPITALIZATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth our unaudited
capitalization at March&nbsp;31, 2002 on an actual basis and as
adjusted to give effect to the issuance of the senior notes and
the application of the net proceeds of this offering as set
forth in &#147;Use of Proceeds.&#148; This table should be read
in conjunction with our consolidated financial statements and
related notes and other financial information that we have
incorporated by reference in the accompanying prospectus.
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="61%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">As of March&nbsp;31, 2002</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Actual</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">As Adjusted</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">(in thousands)</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="6" align="center" nowrap><B><FONT size="1">(unaudited)</FONT></B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Indebtedness:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Short-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior and Subordinated Indebtedness
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,722,605</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,022,605</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Collateralized short-term debt, recourse solely
    to non-guarantor subsidiary assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">261,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">261,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,108,861</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,283,861</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Shareholders&#146; equity:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">607</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">607</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capital in excess of par value
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">914,175</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">914,175</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,461,668</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,461,668</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total shareholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,376,450</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,376,450</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,485,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,660,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<!-- link1 "THE GUARANTORS" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="center">
<B><FONT size="2">THE GUARANTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The guarantors comprise all of our direct or
indirect wholly-owned homebuilding subsidiaries in the United
States (including Pulte Home Corporation, Del Webb Corporation
and all of their respective homebuilding subsidiaries in the
United States) and consist of: Abacoa Homes, Inc.; American
Title of the Palm Beaches Corporation; Anthem Arizona L.L.C.;
Asset Five Corp.; Asset Seven Corp.; Bellasera Corp.;
Carr&#146;s Grant, L.L.C.; Del E. Webb Development Co., L.P.,
Del E. Webb Foothills Corporation; Del Webb California Corp.;
Del Webb Communities, Inc.; Del Webb Corporation; Del Webb Golf
Corp.; Del Webb Home Construction, Inc.; Del Webb Limited
Holding Co.; Del Webb Southwest Co.; Del Webb Texas Limited
Partnership; Del Webb&#146;s Coventry Homes Construction Co.;
Del Webb&#146;s Coventry Homes, Inc.; Del Webb&#146;s Coventry
Homes of Nevada, Inc.; Del Webb&#146;s Spruce Creek Communities,
Inc.; Del Webb&#146;s Sunflower of Tuscon, Inc.; Devtex Land,
L.P.; DiVosta and Company, Inc.; DiVosta Building Corporation;
DiVosta Homes, Inc.; Florida Building Products, Inc.; Florida
Club Homes, Inc.; Hammock Reserve Development Company; Harrison
Hills, LLC; Island Walk Development Company; Mountain View Two,
LLC; New Mexico Asset Corporation; New Mexico Asset Limited
Partnership; One Willowbrook, L.L.C.; PB Venture L.L.C.; PBW
Corporation; PC/ BRE Development L.L.C.; PC/ BRE Springfield
L.L.C.; PC/ BRE Venture L.L.C.; PC/ BRE Whitney Oaks L.L.C.; PC/
BRE Winfield L.L.C.; PC/ Palm Beach, Inc.; PH1 Corporation; PH2
Corporation; PN I, Inc.; PN II, Inc.; Pulte Communities NJ,
Limited Partnership; Pulte Development Corporation; Pulte Home
Corporation; Pulte Home Corporation of New England; Pulte Home
Corporation of the Delaware Valley; Pulte Homes of Greater
Kansas City, Inc.; Pulte Homes of Michigan Corporation; Pulte
Homes of Michigan I Limited Partnership; Pulte Homes of
Minnesota Corporation; Pulte Homes of New York, Inc.; Pulte
Homes of NJ, Limited Partnership; Pulte Homes of Ohio
Corporation; Pulte Homes of PA, Limited Partnership; Pulte Homes
of South Carolina, Inc.; Pulte Homes of Texas, L.P.; Pulte Homes
Tennessee Limited Partnership; Pulte-IN Corp.; Pulte Land
Company, LLC; Pulte Land Development Corporation; Pulte
</FONT>

<P align="center"><FONT size="2">S-10
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">Lifestyle Communities, Inc.; Pulte Michigan
Holdings Corporation; Pulte Michigan Services, LLC; Pulte
Payroll Corporation; Radnor Homes, Inc.; Riverwalk of the Palm
Beaches Development Company, Inc.; RN Acquisition 2 Corp.; Sean/
Christopher Homes, Inc.; Spruce Creek South Utilities, Inc.;
Terravita Corp.; Terravita Home Construction Co.; Village Walk
Development Company, Inc.; Wil Corporation; and Wilben, LLLP.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each of the guarantors will fully and
unconditionally guarantee on a joint and several basis our
obligations under the senior notes, subject to such guarantee
not constituting or resulting in a violation of any applicable
fraudulent conveyance or similar law of any relevant
jurisdiction, in which case, the liability of such guarantor
under its guarantee will be reduced to the maximum amount, after
giving effect to all other contingent and fixed liabilities of
such guarantor (which generally consists of indebtedness and
other obligations of such guarantor, including trade payables),
permissible under applicable fraudulent conveyance or similar
law. For certain financial information relating to the
guarantors see Note 12 of the Notes to Consolidated Financial
Statements for the year ended December&nbsp;31, 2001, as set
forth in our annual report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The executive offices of the guarantors are
located at 33 Bloomfield Hills Parkway, Suite&nbsp;200,
Bloomfield Hills, Michigan, 48304; telephone: (248) 647-2750. By
the end of June 2002, our executive offices will be located at
100&nbsp;Bloomfield Hills Parkway, Suite&nbsp;300, Bloomfield
Hills, Michigan 48304.
</FONT>

<!-- link1 "DESCRIPTION OF SENIOR NOTES" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="center">
<B><FONT size="2">DESCRIPTION OF SENIOR NOTES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following description of the particular terms
of the senior notes offered by this prospectus supplement
augments, and to the extent inconsistent replaces, the
description of the special terms and provisions of the debt
securities under &#147;Description of Debt Securities&#148; in
the accompanying prospectus.
</FONT>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The senior notes will be issued under an
indenture dated as of October&nbsp;24, 1995, as supplemented by
the Indenture Supplements dated as of August&nbsp;27, 1997,
March&nbsp;20, 1998, January&nbsp;31, 1999, April&nbsp;3, 2000,
February&nbsp;21, 2001 and July&nbsp;31, 2001, respectively (as
supplemented, the &#147;Indenture&#148;), between Pulte, as
issuer, the subsidiary guarantors named therein (the
&#147;Guarantors&#148;) and Bank One Trust Company, National
Association, as Trustee (the &#147;Trustee&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have summarized selected provisions of the
Indenture below. The summary is not complete. Copies of the
Indenture are available to prospective purchasers of the senior
notes upon request made to the underwriters. You should read the
Indenture for provisions that may be important to you.
Capitalized terms have the meanings assigned to them in the
Indenture.
</FONT>

<P align="left">
<B><FONT size="2">Principal, Maturity and Interest</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture does not limit the amount of debt
securities that we may issue. We may issue debt securities under
the Indenture from time to time in one or more series. The
senior notes will constitute a separate series of debt
securities under the Indenture and will therefore vote together
as a single class for purposes of determining whether holders of
the requisite percentage in principal amount thereof have taken
actions or exercised rights they are entitled to take or
exercise under the Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The senior notes will be unsecured and
unsubordinated obligations of Pulte Homes, Inc. and will rank
equally and ratably with our other unsecured and unsubordinated
indebtedness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We conduct our operations through our
subsidiaries and, therefore, we are primarily dependent on the
earnings and cash flows of our subsidiaries to meet our debt
service obligations. The indentures relating to Del Webb
Corporation&#146;s senior subordinated notes contain
&#147;restricted payment&#148; covenants that restrict the
ability of Del Webb Corporation and its subsidiaries, certain of
which are Guarantors, to engage in dividends, distributions and
other restricted payments as defined therein, which would limit
their ability to transfer funds to us in order to enable us to
meet our debt service obligations. Except with regard to such
</FONT>

<P align="center"><FONT size="2">S-11
</FONT>
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<DIV align="left">
<FONT size="2">Del Webb Corporation senior subordinated notes,
there currently are no restrictions on the ability of our
subsidiaries (including the subsidiaries that are not
Guarantors) to provide funds to us to meet our debt service
obligations.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any right that we have or that our creditors have
to participate in the assets of any of our subsidiaries upon any
liquidation or reorganization of any such subsidiary will be
subject to the prior claims of that subsidiary&#146;s creditors,
including trade creditors. Accordingly, the senior notes will
also be effectively subordinated to the creditors of our
subsidiaries. The senior notes will, however, have the benefit
of the Guarantees from the Guarantors, which consist of all of
our U.S. homebuilding subsidiaries. The Guarantees from the
Guarantors, however, are unsecured, and accordingly, will be
effectively subordinated to the secured debt of the Guarantors.
Our subsidiaries are separate and distinct legal entities and
have no obligation, contingent or otherwise, to pay any amounts
due pursuant to the senior notes or to make any funds available
therefor, whether by dividends, loans or other payments, other
than as expressly provided in the Guarantees. The payment of
dividends or the making of loans and advances to us by our
subsidiaries are subject to contractual, statutory or regulatory
restrictions, are contingent upon the earnings of those
subsidiaries and are subject to various business considerations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The senior notes will mature on June&nbsp;15,
2032. The senior notes will be initially limited to $300,000,000
aggregate principal amount, but we may &#147;reopen&#148; the
senior notes series and issue additional senior notes at any
time on the same terms and conditions and with the same CUSIP
number as the senior notes we offer by this prospectus
supplement. Interest on the senior notes will accrue at a rate
of 7&nbsp;7/8% per annum, will be computed on the basis of a
360-day year of twelve 30-day months and will be payable
semiannually in arrears on each June&nbsp;15 and
December&nbsp;15 (each an &#147;Interest Payment Date&#148;),
commencing on December&nbsp;15, 2002. We will pay interest to
the persons in whose names the senior notes are registered at
the close of business on June&nbsp;1 or December&nbsp;1, as the
case may be, before any Interest Payment Date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expect that payments of principal, premium, if
any, and interest to owners of beneficial interests in global
notes will be made in accordance with the procedures of The
Depository Trust Company (&#147;DTC&#148;) and its participants
in effect from time to time. DTC will act as the Depositary for
the global notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The senior notes will not be entitled to the
benefit of any sinking fund or mandatory redemption provisions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The senior notes will be issued only in fully
registered form without coupons, in denominations of $1,000 and
integral multiples of $1,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The principal of, premium, if any, and interest
on the senior notes will be payable, and, subject to the
restrictions on transfer described herein, the senior notes may
be surrendered for registration of transfer or exchange, at the
office or agency maintained by us for that purpose in the
Borough of Manhattan, The City of New York; provided that
payments of interest may be made at our option by check mailed
to the address of the persons entitled thereto or by transfer to
an account maintained by the payee with a bank located in the
United States. The office or agency initially maintained by us
for the foregoing purposes shall be the office of the Trustee.
No service charge will be made for any registration of transfer
or exchange of the senior notes, but we may require payment of a
sum sufficient to cover any tax or other governmental charge
payable in connection herewith.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any Interest Payment Date or maturity date of
any of the senior notes is not a business day at any place of
payment, then payment of principal, premium, if any, and
interest need not be made at such place of payment on that date
but may be made on the next succeeding business day at that
place of payment, and no interest will accrue on the amount
payable for the period from and after such Interest Payment Date
or maturity date, as the case may be.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture does not limit the amount of
indebtedness that we or our subsidiaries may issue. The
Indenture does not contain covenants or other provisions
designed to afford holders of the senior notes protection in the
event of a highly leveraged transaction, change in credit rating
or other similar occurrence.
</FONT>

<P align="center"><FONT size="2">S-12
</FONT>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We do not intend to apply for the listing of the
senior notes on a national securities exchange or quotation
system.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expect that interests in the global notes will
trade in DTC&#146;s Same-Day Funds Settlement System and
secondary market trading activity in these interests will
therefore be required by DTC to settle in immediately available
funds.
</FONT>

<P align="left">
<B><FONT size="2">Guarantees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payment of principal of, premium, if any, and
interest on the senior notes will be guaranteed, jointly and
severally, on a senior basis by all of the Guarantors. Each
Guarantee will be an unsecured senior obligation of the
Guarantor issuing such Guarantee, ranking equal in right of
payment with all existing and future Guarantor Senior
Indebtedness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture provides that, in the event any
Guarantee would constitute or result in a violation of any
applicable fraudulent conveyance or similar law of any relevant
jurisdiction, the liability of the Guarantor under such
Guarantee shall be reduced to the maximum amount, after giving
effect to all other contingent and other liabilities of such
Guarantor, permissible under the applicable fraudulent
conveyance or similar law.
</FONT>

<P align="left">
<B><FONT size="2">Optional Redemption</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may, at our option, redeem the senior notes in
whole at any time or in part from time to time, on at least 30
but nor more than 60&nbsp;days prior notice, at a redemption
price equal to the greater of the following amounts:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">100% of their principal amount, and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the present value of the Remaining Scheduled
    Payments (as defined below) on the senior notes being redeemed
    on the redemption date, discounted to the date of redemption, on
    a semiannual basis, at the Treasury Rate (as defined below) plus
    35 basis points (0.35%),
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">plus, in each case, accrued and unpaid interest
on the senior notes to the redemption date. In determining the
redemption price and accrued interest, interest shall be
calculated on the basis of a 360-day year consisting of twelve
30-day months.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If money sufficient to pay the redemption price
of and accrued interest on the senior notes to be redeemed is
deposited with the Trustee on or before the redemption date, on
and after the redemption date interest will cease to accrue on
the senior notes (or such portions thereof) called for
redemption and the senior notes will cease to be outstanding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Comparable Treasury Issue&#148; means the
United States Treasury security selected by the Reference
Treasury Dealer as having a maturity comparable to the remaining
term of the senior notes to be redeemed that would be utilized,
at the time of selection and in accordance with customary
financial practice in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such
senior notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Comparable Treasury Price&#148; means, with
respect to any redemption date, (1)&nbsp;the average of the bid
and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) on the third
business day preceding such redemption date, as set forth in the
daily statistical release (or any successor release) published
by the Federal Reserve Bank of New York and designated
&#147;Composite 3:30 p.m. Quotations for U.S. Government
Securities&#148; or (2)&nbsp;if such release (or any successor
release) is not published or does not contain such price on such
business day. (A)&nbsp;the average of the Reference Treasury
Dealer Quotations for such redemption date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations, or
(B)&nbsp;if the Trustee obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such Quotations.
</FONT>

<P align="center"><FONT size="2">S-13
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Reference Treasury Dealer&#148; means
(A)&nbsp;Salomon Smith Barney Inc. or one of the other initial
purchasers (or their respective affiliates which are Primary
Treasury Dealers), and their respective successors; provided,
however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in New York City (a
&#147;Primary Treasury Dealer&#148;), we will substitute
therefor another Primary Treasury Dealer, and (B)&nbsp;any other
Primary Treasury Dealer(s) selected by us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Reference Treasury Dealer Quotations&#148;
means, with respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by the Trustee, of
the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury
Dealer at 5:00 p.m. on the third business day preceding such
redemption date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Remaining Scheduled Payments&#148; means,
with respect to any senior note, the remaining scheduled
payments of the principal thereof to be redeemed and interest
thereon that would be due after the related redemption date but
for such redemption; provided, however, that, if such redemption
date is not an interest payment date with respect to such senior
note, the amount of the next succeeding scheduled interest
payment thereon will be reduced by the amount of interest
accrued thereon to such redemption date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Treasury Rate&#148; means, with respect to
any redemption date, the rate per annum equal to the semiannual
equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On and after the redemption date, interest will
cease to accrue on the senior notes or any portion of the senior
notes called for redemption (unless we default in the payment of
the redemption price and accrued interest). On or before the
redemption date, we will deposit with a paying agent (or the
Trustee) money sufficient to pay the redemption price of and
accrued interest on the senior notes to be redeemed on that
date. If less than all of the senior notes are to be redeemed,
the senior notes to be redeemed shall be selected by lot by DTC,
in the case of senior notes represented by a global security, or
by the Trustee by a method the Trustee deems to be fair and
appropriate, in the case of senior notes that are not
represented by a global security.
</FONT>

<P align="left">
<B><FONT size="2">Repurchase of the Senior Notes at the Option
of the Holder</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event of any Change in Control Triggering
Event occurring on or prior to maturity, each holder of senior
notes will have the right, at the holder&#146;s option, subject
to the terms and conditions of the Indenture, to require us to
purchase all or any part (provided that the principal amount is
$1,000 or an integral multiple thereof) of such holder&#146;s
senior notes on the date that is not less than 30 nor more than
60 business days after the occurrence of such Change in Control
Triggering Event (the &#147;Change in Control Purchase
Date&#148;) at a cash price equal to the principal amount
thereof plus accrued interest to the Change in Control Purchase
Date (the &#147;Change in Control Purchase Price&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Within 15 business days after the Change in
Control Triggering Event, we are obligated to mail to the
Trustee and to all holders at their addresses shown in the
Securities Register (and to beneficial owners as required by
applicable law) a notice regarding the Change in Control
Triggering Event, which notice shall state, among other things:
(i)&nbsp;the date by which the Change in Control Purchase Notice
(as defined below) must be given by such holder, (ii)&nbsp;the
Change in Control Purchase Price, (iii)&nbsp;the Change in
Control Purchase Date, (iv)&nbsp;the name and address of the
Trustee and of any other office or agency maintained for the
purpose of the surrender of senior notes for purchase,
(v)&nbsp;the procedures for withdrawing a Change in Control
Purchase Notice and (vi)&nbsp;the procedures that holders must
follow to exercise these rights. We will cause a copy of such
notice to be published in a daily newspaper of national
circulation.
</FONT>

<P align="center"><FONT size="2">S-14
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To exercise this right, the holder must deliver
written notice (a &#147;Change in Control Purchase Notice&#148;)
to the Trustee or to any other office or agency maintained for
such purpose, of the exercise of such right prior to the close
of business on the business day immediately prior to the Change
in Control.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Purchase Date. </FONT></I><FONT size="2">The
Change in Control Purchase Notice must state (i)&nbsp;the CUSIP
number and the certificate number, if applicable, of the senior
notes to be delivered by the holder for purchase by us;
(ii)&nbsp;the portion of the principal amount of senior notes to
be purchased, which portion must be $1,000 or an integral
multiple thereof, and (iii)&nbsp;that such senior notes will be
submitted for purchase by us on the Change in Control Purchase
Date pursuant to the applicable provisions of the senior notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any Change in Control Purchase Notice may be
withdrawn by the holder by a written notice of withdrawal
delivered to the Trustee or to any other office or agency
maintained for such purpose on the business day immediately
prior to the Change in Control Purchase Date. The notice of
withdrawal shall state the principal amount of the senior notes
as to which the withdrawal notice relates and the principal
amount, if any, which remains subject to the original Change in
Control Purchase Notice.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payment of the Change in Control Purchase Price
for a senior note for which a Change in Control Purchase Notice
has been delivered and not withdrawn is conditioned upon
delivery of such note (together with any endorsements) to the
Trustee or to any other office or agency maintained for such
purpose, at any time (whether prior to, on or after the Change
in Control Purchase Date) after delivery of such Change in
Control Purchase Notice. Payment of the Change in Control
Purchase Price for such note will be made promptly following the
later of the Change in Control Purchase Date or the time of
delivery of such note. If we have deposited with the Trustee, in
accordance with the Indenture, money sufficient to pay the
Change in Control Purchase Price of such note on the Change in
Control Purchase Date, then, on and after the Change in Control
Purchase Date, such note shall cease to be outstanding and
interest on such note will cease to accrue, whether or not such
note is delivered to the Trustee or to any other office or
agency maintained for such purpose, and all other rights of the
holder shall terminate (other than the right to receive the
Change in Control Purchase Price upon delivery of the note). In
accordance with the Indenture, no note may be purchased pursuant
to a Change in Control Triggering Event if there has occurred
and is continuing an Event of Default described below under
&#147;Events of Default&#148; (other than a default in the
payment of the Change in Control Purchase Price with respect to
such senior notes).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We shall make all filings required under and
comply with all federal and state securities laws regulating the
purchase of senior notes at the option of holders upon a Change
in Control Triggering Event, including, if applicable,
Section&nbsp;14(e) of the Securities Exchange Act of 1934, as
amended, and Rule l4e-1 promulgated thereunder and any other
applicable tender offer rules.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Change in Control Triggering Event purchase
feature of the senior notes may in certain circumstances make it
more difficult or discourage a change of control transaction or
the removal of incumbent management. If such a Change in Control
Triggering Event were to occur, there can be no assurance that
we would have sufficient funds to pay the Change in Control
Purchase Price for all senior notes tendered by the holders
thereof. A default by us on our obligation to pay the Change in
Control Purchase Price could result in acceleration of the
payment of our other Indebtedness at the time outstanding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Change in Control&#148; means, with regard
to us, the occurrence of (i)&nbsp;any consolidation, share
exchange or merger in which we are not the continuing or
surviving corporation or pursuant to which our voting stock
would be converted into cash, securities or other property,
other than, in any case, a merger in which the holders of our
voting stock immediately prior to the merger have the same or
greater proportionate ownership directly or indirectly, of the
voting stock of the surviving corporation immediately after the
merger as they had of our voting stock immediately before the
merger, or (ii)&nbsp;any person, including our affiliates (other
than Pulte, our Restricted Subsidiaries, our or our
subsidiaries&#146; employee stock ownership plans or employee
benefit plans, or a Permitted Holder) filing a Schedule&nbsp;13D
or 14D-1 (or any successor schedule, form or report under the
Securities Exchange Act of 1934, as amended) disclosing that
such person has become the beneficial owner of 50% or more of
our voting stock.
</FONT>

<P align="center"><FONT size="2">S-15
</FONT>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In view of such definition, a Change in Control
will not occur, and a Change in Control Triggering Event will
not arise in connection with, among other things, any Permitted
Holder becoming the beneficial owner of 50% or more of our
voting stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Change in Control Triggering Event&#148;
means the occurrence of both a Change in Control and Rating
Decline.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Investment Grade&#148; means a rating of
BBB- or higher by S&#38;P and Baa3 or higher by Moody&#146;s or
the equivalent of such ratings by S&#38;P or Moody&#146;s.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Moody&#146;s&#148; means Moody&#146;s
Investors Services, Inc. and its successors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Permitted Holder&#148; means
(i)&nbsp;William J. Pulte, (ii)&nbsp;any of his respective
affiliates, parents, spouses, descendants, and spouses of
descendants, (iii) any trusts or other entities controlled by
Mr.&nbsp;Pulte and (iv)&nbsp;in the event of the death or
incapacity of Mr.&nbsp;Pulte or any of the persons referred to
in clause (ii)&nbsp;above, their respective estates, heirs,
executors, administrators or other personal representatives.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Rating Agency&#148; means (i)&nbsp;S&#38;P,
(ii)&nbsp;Moody&#146;s, or (iii)&nbsp;if S&#38;P or Moody&#146;s
or both shall not make a rating of the senior notes publicly
available, a nationally recognized securities rating agency or
agencies, as the case may be, selected by Pulte, which shall be
substituted for S&#38;P or Moody&#146;s or both, as the case may
be.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Rating Category&#148; means (i)&nbsp;with
respect to S&#38;P, any of the following categories: BB, B, CCC,
CC, C and D (or equivalent successor categories), (ii) respect
to Moody&#146;s, any of the following categories: Ba, B, Caa,
Ca, C and D (or equivalent successor categories), and
(iii)&nbsp;the equivalent of any such category of S&#38;P or
Moody&#146;s used by another Rating Agency. In determining
whether the rating of the senior notes has decreased by one or
more gradations, gradations within Rating Categories (+
and&nbsp;&#151; for S&#38;P; 1, 2 and 3 for Moody&#146;s; or the
equivalent gradations for another Rating Agency) shall be taken
into account (e.g., with respect to S&#38;P, a decline in rating
from BB+ to BB will constitute a decrease of one gradation).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Rating Date&#148; means the date which is
30&nbsp;days prior to the earliest of (i) a Change in Control,
(ii)&nbsp;public notice of the occurrence of a Change in Control
and (iii)&nbsp;public notice of the intention by Pulte to effect
a Change in Control.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Rating Decline&#148; means the occurrence
on or within 30&nbsp;days after the earlier of the date of
public notice of the occurrence of a Change in Control or the
public announcement of the intention by Pulte to effect a Change
in Control (which period shall be extended so long as the rating
of the senior notes is under publicly announced consideration
for possible downgrade by any of the Rating Agencies) of
(a)&nbsp;in the event the senior notes are rated by either
Moody&#146;s or S&#38;P on the Rating Date as Investment Grade,
the rating of the senior notes by both such Rating Agencies
below Investment Grade, or (b)&nbsp;in the event the senior
notes are rated below Investment Grade by both such Rating
Agencies on the Rating Date, the rating of the senior notes by
either Rating Agency is decreased by one or more gradations
(including gradations within Rating Categories as well as
between Rating Categories).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;S&#38;P&#148; means Standard &#38;
Poor&#146;s Ratings Services and its successors.
</FONT>

<P align="left">
<B><FONT size="2">Certain Covenants</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Restrictions on Secured
Debt.</FONT></I><FONT size="2"> The Indenture provides that we
will not, and will not cause or permit a Restricted Subsidiary
to, create, incur, assume or guarantee any Secured Debt unless
the senior notes will be secured equally and ratably with (or
prior to) such Secured Debt, with certain exceptions. This
restriction does not prohibit the creation, incurrence,
assumption or guarantee of Secured Debt which is secured by:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;Security Interests on model homes, homes
    held for sale, homes that are under contract for sale, contracts
    for the sale of homes, land (improved or unimproved),
    manufacturing plants, warehouses or office buildings and
    fixtures and equipment located thereat, or thereon;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">S-16
</FONT>
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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;Security Interests on property at the
    time of its acquisition by us or a Restricted Subsidiary, which
    Security Interests secure obligations assumed by us or a
    Restricted Subsidiary, or on the property of a corporation or
    other entity at the time it is merged into or consolidated with
    us or a Restricted Subsidiary (other than Secured Debt created
    in contemplation of the acquisition of such property or the
    consummation of such a merger or where the Security Interest
    attaches to or affects our property or the property of a
    Restricted Subsidiary prior to such transaction);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;Security Interests arising from
    conditional sales agreements or title retention agreements with
    respect to property acquired by us or a Restricted Subsidiary;
    and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;Security Interests securing Indebtedness
    of a Restricted Subsidiary owing to us or to another Restricted
    Subsidiary that is wholly-owned (directly or indirectly) by us
    or Security Interests securing our Indebtedness owing to a
    Guarantor.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Additionally, such permitted Secured Debt
includes any amendment, restatement, supplement, renewal,
replacement, extension or refunding in whole or in part, of
Secured Debt permitted at the time of the original incurrence
thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, we and our Restricted Subsidiaries
may create, incur, assume or guarantee Secured Debt, without
equally and ratably securing the senior notes, if immediately
thereafter the sum of (1)&nbsp;the aggregate principal amount of
all Secured Debt outstanding (excluding Secured Debt permitted
under clauses (1)&nbsp;through (4)&nbsp;above and any Secured
Debt in relation to which the senior notes have been equally and
ratably secured) and (2)&nbsp;all Attributable Debt (as defined
below) in respect of Sale and Leaseback Transactions (as defined
below) (excluding Attributable Debt in respect of Sale and
Leaseback Transactions as to which the net proceeds of the
property sold or transferred are applied to retire Indebtedness
or to the purchase of property as described under
&#147;Restrictions on Sale and Leaseback Transactions&#148;) as
of the date of determination would not exceed 20% of
Consolidated Net Tangible Assets (as defined below).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The provisions described above with respect to
limitations on Secured Debt are not applicable to Non-Recourse
Land Financing (as defined below) by virtue of the definition of
Secured Debt, and will not restrict or limit our or our
Restricted Subsidiaries&#146; ability to create, incur, assume
or guarantee any unsecured Indebtedness, or of any subsidiary
which is not a Restricted Subsidiary to create, incur, assume or
guarantee any secured or unsecured Indebtedness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Restrictions on Sale and Lease-back
Transactions.</FONT></I><FONT size="2"> The Indenture provides
that we will not, and will not permit any Restricted Subsidiary
to, enter into any Sale and Leaseback Transaction, unless:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;notice is promptly given to the Trustee
    of the Sale and Leaseback Transaction;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;fair value is received by us or the
    relevant Restricted Subsidiary for the property sold (as
    determined in good faith pursuant to a resolution of the Board
    of Directors of Pulte delivered to the Trustee); and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;we or a Restricted Subsidiary, within
    365&nbsp;days after the completion of the Sale and Leaseback
    Transaction, applies an amount equal to the net proceeds
    therefrom either:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to the redemption, repayment or retirement of
    debt securities of any series under the Indenture (including the
    cancellation by the Trustee of any debt securities of any series
    delivered by Pulte to the Trustee), Senior Indebtedness of Pulte
    or Guarantor Senior Indebtedness, or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to the purchase by us or any Restricted
    Subsidiary of property substantially similar to the property
    sold or transferred.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, we and our Restricted Subsidiaries
may enter into a Sale and Leaseback Transaction if immediately
thereafter the sum of (1)&nbsp;the aggregate principal amount of
all Secured Debt outstanding (excluding Secured Debt permitted
under clauses (1)&nbsp;through (4)&nbsp;described in
&#147;Restrictions on Secured Debt,&#148; above or Secured Debt
in relation to which the senior notes have been equally and
ratably secured)
</FONT>

<P align="center"><FONT size="2">S-17
</FONT>

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<DIV align="left">
<FONT size="2">and (2)&nbsp;all Attributable Debt in respect of
Sale and Leaseback Transactions (excluding Attributable Debt in
respect of Sale and Leaseback Transactions as to which the net
proceeds of the property sold or transferred are applied to
retire Indebtedness or to the purchase of property as described
in clause (2)&nbsp;above) as of the date of determination would
not exceed 20% of Consolidated Net Tangible Assets,
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Certain Definitions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Attributable Debt&#148; means, in respect
of a Sale and Leaseback Transaction, the present value
(discounted at the weighted average effective interest cost per
annum of the outstanding debt securities of all series,
compounded semiannually) of the obligation of the lessee for
rental payments during the remaining term of the lease included
in such transaction, including any period for which such lease
has been extended or may, at the option of the lessor, be
extended or, if earlier, until the earliest date on which the
lessee may terminate such lease upon payment of a penalty (in
which case the obligation of the lessee for rental payments
shall include such penalty), after excluding all amounts
required to be paid on account of maintenance and repairs,
insurance, taxes, assessments, water and utility rates and
similar charges.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Bank Credit Facility&#148; means the Credit
Agreement, dated as of August&nbsp;31, 2000, as amended, by and
among Pulte Homes, Inc., material subsidiaries of Pulte Homes,
Inc. as guarantors, Bank of America, N.A., as administrative
agent, Bank One, NA , as syndication agent, Comerica Bank, as
co-agent, Banc of America Securities LLC, as arranger, and the
other lenders named therein, as may be amended, restated,
supplemented, renewed, replaced or otherwise modified from time
to time, including any agreement extending the maturity of or
refinancing or refunding all or any portion of the Indebtedness
or increasing the amount to be borrowed under such agreements or
any successor agreement, whether or not by or among the same
parties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Consolidated Net Tangible Assets&#148;
means the total amount of assets which would be included on a
combined balance sheet of the Restricted Subsidiaries (not
including Pulte) together with the total amount of assets that
would be included on Pulte&#146;s balance sheet, not including
its subsidiaries, under generally accepted accounting principles
(less applicable reserves and other properly deductible items)
after deducting therefrom:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;all short-term liabilities, except for
    liabilities payable by their terms more than one year from the
    date of determination (or renewable or extendible at the option
    of the obligor for a period ending more than one year after such
    date) and liabilities in respect of retiree benefits other than
    pensions for which the Restricted Subsidiaries are required to
    accrue pursuant to Statement of Financial Accounting Standards
    No.&nbsp;106;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;investments in subsidiaries that are not
    Restricted Subsidiaries, including, without limitation, PMC; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;all goodwill, trade names, trademarks,
    patents, unamortized debt discount, unamortized expense incurred
    in the issuance of debt and other tangible assets.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Guarantor Senior Indebtedness&#148; means
the principal of, premium on, if any, and interest on (including
interest accruing after the filing of a petition initiating any
proceeding pursuant to any bankruptcy law, whether or not
allowable as a claim in such proceeding) and other amounts due
on or in connection with any Indebtedness of any Guarantor,
whether outstanding on the date of the Indenture or thereafter
created, incurred or assumed, unless, in the case of any
particular Indebtedness, the instrument creating or evidencing
the same or pursuant to which the same is outstanding expressly
provides that such Indebtedness shall not rank equal with the
Guarantees. Without limiting the generality of the foregoing,
&#147;Guarantor Senior Indebtedness&#148; shall include the
principal of, premium, if any, and interest (including interest
accruing after the filing of a petition initiating any
proceeding pursuant to any bankruptcy law, whether or not
allowable as a claim in such proceeding) on all obligations of
every nature of any Guarantor under the Bank Credit Facility,
the Indenture and any interest rate or foreign exchange
agreement now existing or hereinafter entered into by any
Guarantor with any lender under the Bank
</FONT>

<P align="center"><FONT size="2">S-18
</FONT>
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<DIV align="left">
<FONT size="2">Credit Facility, including, without limitation,
all fees, expenses (including fees and expenses of counsel),
claims, charges and indemnity obligations. Notwithstanding the
foregoing, &#147;Guarantor Senior Indebtedness&#148; shall not
include (1)&nbsp;Indebtedness of any Guarantor that is expressly
subordinated in right of payment to such Guarantor&#146;s
Guarantee, (2)&nbsp;Indebtedness of any Guarantor that by
operation of law is subordinate to any general unsecured
obligations of such Guarantor, (3)&nbsp;Indebtedness of any
Guarantor to the extent incurred in violation of the
restrictions described under &#147;Restrictions on Secured
Debt&#148; and &#147;Restrictions on Sale and Lease-back
Transactions,&#148; (4) Indebtedness of any Guarantor to Pulte
or any of its Subsidiaries, (6)&nbsp;any liability for federal,
state, local or other taxes owed or owing by any Guarantor, and
(vii)&nbsp;trade payables owed or owing by any Guarantor.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Indebtedness&#148; means (1)&nbsp;any
liability of any person (A)&nbsp;for borrowed money, or
(B)&nbsp;evidenced by a bond, note, debenture or similar
instrument (including a purchase money obligation) given in
connection with the acquisition of any businesses, properties or
assets of any kind (other than a trade payable or a current
liability arising in the ordinary course of business), or
(C)&nbsp;for the payment of money relating to a Capitalized
Lease Obligation or (D)&nbsp;for all Redeemable Capital Stock
valued at the greater of its voluntary or involuntary
liquidation preference plus accrued and unpaid dividends;
(2)&nbsp;any liability of others described in the preceding
clause (1)&nbsp;that such person has guaranteed or that is
otherwise its legal liability; (3)&nbsp;all Indebtedness
referred to in (but not excluded from) clauses (1)&nbsp;and
(2)&nbsp;above of other persons and all dividends of other
persons, the payment of which is secured by (or for which the
holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any Security Interest upon or in
property (including, without limitation, accounts and contract
rights) owned by such person, even though such person has not
assumed or become liable for the payment of such Indebtedness;
and (4)&nbsp;any amendment, supplement, modification, deferral,
renewal, extension or refunding or any liability of the types
referred to in clauses (1), (2)&nbsp;and (3)&nbsp;above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Non-Recourse Land Financing&#148; means any
Indebtedness of Pulte or any Restricted Subsidiary for which the
holder of such Indebtedness has no recourse, directly or
indirectly, to Pulte or such Restricted Subsidiary for the
principal of, premium, if any, and interest on such
Indebtedness, and for which Pulte or such Restricted Subsidiary
is not, directly or indirectly, obligated or otherwise liable
for the principal of, premium, if any, and interest on such
Indebtedness, except pursuant to mortgages, deeds of trust or
other Security Interests or other recourse, obligations or
liabilities in respect of specific land or other real property
interests of ours or such Restricted Subsidiary; provided that
recourse, obligations or liabilities of ours or such Restricted
Subsidiary solely for indemnities, covenants or breach of
warranty representation or covenant in respect of any
Indebtedness will not prevent Indebtedness from being classified
as NonRecourse Land Financing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Redeemable Capital Stock&#148; means any
capital stock of Pulte or any Subsidiary that, either by its
terms, by the terms of any security into which it is convertible
or exchangeable or otherwise, (1)&nbsp;is or upon the happening
of an event or passage of time would be required to be redeemed
on or prior to the final stated maturity of the securities or
(2)&nbsp;is redeemable at the option of the holder thereof at
any time prior to such final stated maturity or (3)&nbsp;is
convertible into or exchangeable for debt securities at any time
prior to such final stated maturity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Restricted Subsidiary&#148; means any
Guarantor and any other of our subsidiaries as of the date of
the Indenture and any successor to such Guarantor or subsidiary
other than (i)&nbsp;First Heights Bank, Pulte Financial
Companies, Inc., PMC, Pulte Diversified Companies, Inc. or North
American Builders Indemnity Corporation; (ii)&nbsp;Del Webb
Mortgage Corporation and (iii) any successor to any of the
subsidiaries described in clauses (i)&nbsp;and (ii).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Sale and Leaseback Transaction&#148; means
a sale or transfer made by us or a Restricted Subsidiary (except
a sale or transfer made to Pulte or another Restricted
Subsidiary) of any property which is either (a)&nbsp;a
manufacturing facility, office building or warehouse whose book
value equals or exceeds 1% of Consolidated Net Tangible Assets
as of the date of determination or (b)&nbsp;another property
(not including a model home) which exceeds 5% of Consolidated
Net Tangible Assets as of the date of determination, if
</FONT>

<P align="center"><FONT size="2">S-19
</FONT>

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<DIV align="left">
<FONT size="2">such sale or transfer is made with the agreement,
commitment or intention of leasing such property to Pulte or a
Restricted Subsidiary.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Secured Debt&#148; means any Indebtedness
which is secured by (i)&nbsp;a Security Interest in any of our
property or the property of any Restricted Subsidiary or
(ii)&nbsp;a Security Interest in shares of stock owned directly
or indirectly by us or a Restricted Subsidiary in a corporation
or in equity interests owned by us or a Restricted Subsidiary in
a partnership or other entity not organized as a corporation or
in our rights or the rights of a Restricted Subsidiary in
respect of Indebtedness of a corporation, partnership or other
entity in which we or a Restricted Subsidiary has an equity
interest; provided that &#147;Secured Debt&#148; shall not
include Non-Recourse Land Financing that consists exclusively of
&#147;land under development,&#148; &#147;land held for future
development&#148; or &#147;improved lots and parcels,&#148; as
such categories of assets are determined in accordance with
generally accepted accounting principles. The securing in the
foregoing manner of any such Indebtedness which immediately
prior thereto was not Secured Debt shall be deemed to be the
creation of Secured Debt at the time security is given.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Security Interest&#148; means any mortgage,
pledge, lien, encumbrance or other security interest which
secures the payment or performance of an obligation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Senior Indebtedness&#148; means the
principal of (and premium, if any, on) and interest on
(including interest accruing after the occurrence of an Event of
Default or after the filing of a petition initiating any
proceeding pursuant to any bankruptcy law whether or not such
interest is an allowable claim in any such proceeding) and other
amounts due on or in connection with any of our Indebtedness,
whether outstanding on the date hereof or hereafter created,
incurred or assumed, including under the debt securities and the
Bank Credit Facility, unless, in the case of any particular
Indebtedness, the instrument creating or evidencing the same or
pursuant to which the same is outstanding expressly provides
that such Indebtedness shall not be senior in right of payment
to the debt securities. Notwithstanding the foregoing,
&#147;Senior Indebtedness&#148; shall not include (1)&nbsp;our
Indebtedness that is expressly subordinated in right of payment
to any of our Senior Indebtedness, (2)&nbsp;our Indebtedness
that by operation of law is subordinate to any of our general
unsecured obligations, (3)&nbsp;our Indebtedness to any
Subsidiary, (4)&nbsp;Indebtedness incurred in violation of the
restrictions described under &#147;Restrictions on Secured
Debt&#148; and &#147;Restrictions on Sale and Lease-back
Transactions,&#148; (5)&nbsp;to the extent it might constitute
Indebtedness, any liability for federal, state or local taxes or
other taxes, owed or owing by us, and (6)&nbsp;to the extent it
might constitute Indebtedness, trade account payables owed or
owing by us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Significant Subsidiary&#148; means any
Subsidiary (i)&nbsp;whose revenues exceed 10% of our total
revenues, in each case for the most recent fiscal year, or
(ii)&nbsp;whose net worth exceeds 10% of our total
stockholders&#146; equity, in each case as of the end of the
most recent fiscal year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Subsidiary&#148; means any corporation of
which at the time of determination by us, directly and/or
indirectly through one or more Subsidiaries, owns more than 50%
of the shares of Voting Stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Voting Stock&#148; means any class or
classes of capital stock pursuant to which the holders thereof
have the general voting power under ordinary circumstances to
elect at least a majority of the board of directors, managers or
trustees of any person (irrespective of whether or not, at the
time, stock of any other class or classes shall have, or might
have, voting power by reason of the happening of any
contingency).
</FONT>

<P align="left">
<B><FONT size="2">Consolidation, Merger and Sale of
Assets</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Neither we, the Guarantors nor the Restricted
Subsidiaries will consolidate or merge into or sell, assign,
transfer or lease all or substantially all of its assets to
another person unless:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the person is a corporation organized
    under the laws of the United States of America or any state
    thereof;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the person assumes by supplemental
    indenture all the obligations of Pulte or such guarantor or
    Restricted Subsidiary, as the case may be, relating to the
    senior notes, the Guarantees and the Indenture, as the case may
    be, and shall also expressly assume by an amendment or supplement
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">S-20
</FONT>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">executed and delivered to the Trustee, in form
    satisfactory to the Trustee, all of our covenants and other
    obligations under the registration rights agreement; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;immediately after the transaction no
    Event of Default exists; provided that this clause (3)&nbsp;will
    not restrict or be applicable to a merger, consolidation or
    liquidation of a Restricted Subsidiary or Guarantor with or into
    us or another subsidiary that is wholly-owned, directly or
    indirectly, by us that is, or concurrently with the completion
    of such merger, consolidation or liquidation becomes, a
    Guarantor or a Restricted Subsidiary that is wholly-owned,
    directly or indirectly, by us.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon any such consolidation, merger, sale,
assignment or transfer, the successor corporation will be
substituted for us or such Guarantor or Restricted Subsidiary
(including any merger or consolidation described in the proviso
at the end of the immediately preceding sentence), as
applicable, under the Indenture. The successor corporation may
then exercise every power and right of ours or such Guarantor or
Restricted Subsidiary under the Indenture, and we or such
Guarantor or Restricted Subsidiary, as applicable, will be
released from all of our respective liabilities and obligations
in respect of the senior notes and the Indenture. If we or any
Guarantor or Restricted Subsidiary leases all or substantially
all of its assets, the lessee corporation will be the successor
to us or such Guarantor or Restricted Subsidiary and may
exercise every power and right of ours or such Guarantor or
Restricted Subsidiary, as the case may be, under the Indenture,
but we or such Guarantor or Restricted Subsidiary, as the case
may be, will not be released from our respective obligations to
pay the principal of and premium, if any, and interest, if any,
on the senior notes.
</FONT>

<P align="left">
<B><FONT size="2">Events of Default</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">An Event of Default with respect to the senior
notes is defined in the Indentures as being:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;default for 30&nbsp;days in the payment
    of any installment of interest on the senior notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;default in the payment of any principal
    on the senior notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;default or breach by us, the Guarantors
    or any Significant Subsidiary in the performance of any of the
    agreements in the Indenture applicable to the senior notes
    (other than a default or breach specifically dealt with
    elsewhere in the Indenture) which shall not have been remedied
    within a period of 60&nbsp;days after receipt of written notice
    by us from the Trustee or by us and such Trustee from the
    Holders of not less than 25% in principal amount of the debt
    securities issued under the Indenture then outstanding;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;any default under an instrument
    evidencing or securing any of our Indebtedness or the
    Indebtedness of any Guarantor or Restricted Subsidiary (other
    than Non-Recourse Land Financing) aggregating $10,000,000 or
    more in aggregate principal amount, resulting in the
    acceleration of such Indebtedness, or due to the failure to pay
    such Indebtedness at maturity;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;any Guarantee in respect of the senior
    notes by a Guarantor that is a Significant Subsidiary shall for
    any reason cease to be, or be asserted in writing by any
    Guarantor thereof or us not to be, in full force and effect, and
    enforceable in accordance with its terms (other than by reason
    of the termination of the Indenture or the release or discharge
    of any such Guarantee in accordance with the terms of the
    Indenture), provided, however, that if we or any Guarantor
    asserts in writing that any such Guarantee is not in full force
    and effect and enforceable in accordance with its terms, such
    assertion shall not constitute an Event of Default for purposes
    of this paragraph (if (i) such written assertion is accompanied
    by an opinion of counsel to the effect that, as a matter of law,
    the defect or defects rendering such Guarantee unenforceable can
    be remedied within 10&nbsp;days of the date of such assertion,
    (ii)&nbsp;we or such Guarantor delivers an officers&#146;
    certificate to the effect that we or such Guarantor represents
    that such defect or defects shall be so remedied within such
    10-day period, and (iii)&nbsp;such defect or defects are in fact
    so remedied within such 10-day period); and
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">S-21
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;certain events of bankruptcy, insolvency
    or reorganization involving us or any Significant Subsidiary.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture provides that if an Event of
Default (other than an Event of Default described in clause
(6)&nbsp;above) shall have occurred and be continuing, either
the Trustee or the holders of at least 25% in aggregate
principal amount of debt securities issued under the Indenture
then outstanding may declare the principal amount of all the
debt securities and interest, if any, accrued thereon to be due
and payable immediately, but upon certain conditions such
declaration may be annulled and past defaults (except, unless
cured, a default in payment of principal of or interest on debt
securities of that series) may be waived by the holders of a
majority in principal amount of the debt securities of that
series then outstanding. If an Event of Default described in
clause (6)&nbsp;above occurs and is continuing, then the
principal amount of all the debt securities shall become and be
immediately due and payable without any declaration or other act
on the part of the Trustee or any holder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture contains a provision entitling the
Trustee, subject to the duty of the Trustee during default to
act with the required standard of care, to be indemnified by the
holders of the senior notes before proceeding to exercise any
right or power under the Indenture at the request of the holders
of the senior notes. The Indenture also provides that the
holders of a majority in principal amount of the outstanding
debt securities issued under the Indenture may direct the time,
method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power
conferred on such Trustee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No holder of senior notes will have any right to
institute any proceeding with respect to the Indenture or for
any remedy thereunder, unless: (1)&nbsp;the holder shall have
previously given the Trustee written notice of an Event of
Default with respect to the se senior notes, (2)&nbsp;the
holders of at least 25% in aggregate principal amount of the
outstanding debt securities issued under the Indenture shall
have made written request, and offered reasonable indemnity, to
the Trustee to institute such proceeding as trustee,
(3)&nbsp;the Trustee shall have failed to institute any such
proceeding for 60&nbsp;days after its receipt of such notice and
(4)&nbsp;no direction inconsistent with such written request has
been given to the Trustee during the 60-day period by the
holders of a majority in principal amount of the outstanding
debt securities under the Indenture. However, any right of a
holder of senior notes to receive payment of the principal of
and any interest on the senior notes on or after the dates
expressed in the senior notes and to institute suit for the
enforcement of any such payment on or after such dates shall not
be impaired or affected without the consent of such Holder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture contains a covenant that we will
file annually with the Trustee a certificate as to the absence
of any default or specifying any default that exists.
</FONT>

<P align="left">
<B><FONT size="2">Modification and Waiver</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and the Trustee, with the consent of the
holders of at least a majority of the principal amount of the
outstanding debt securities issued under the Indenture, may
execute supplemental indentures adding any provisions to or
changing or eliminating any of the provisions of the Indenture
or modifying the rights of the holders of the senior notes,
except that no such supplemental indenture may, without the
consent of the holder of each outstanding security affected by
the supplemental indenture, among other things:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;extend the final maturity of the senior
    notes, or reduce the rate or extend the time of payment of
    interest on the senior notes, or reduce the principal amount of
    the senior notes, or impair the right to institute suit for
    payment of the senior notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;reduce the percentage of debt
    securities, the consent of the holders of which is required for
    any such supplemental indenture, for any waiver of compliance
    with certain provisions of the Indenture or certain defaults
    under the Indenture and their consequences provided in the
    Indenture; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;modify any of the provisions regarding
    the modification of the Indenture, waivers of past defaults and
    waivers of certain covenants, except to increase any percentage
    or to provide that certain
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">S-22
</FONT>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">other provisions of the Indenture cannot be
    modified or waived without the consent of the holder of each
    outstanding security affected thereby.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Board of Directors does not have the power to
waive any of the covenants of the Indenture including those
relating to consolidation, merger or sale of assets.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and the Trustee may modify or amend provisions
of the Indenture without the consent of any holder for any of
the following purposes:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;to evidence the succession of another
    person to us or any Guarantor under the Indenture and the senior
    notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;to add to our covenants or the covenants
    of any Guarantor for the benefit of the holders of the senior
    notes or to surrender any right or power conferred upon us or
    such Guarantor by the Indenture;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;to add Events of Default for the benefit
    of the holders of the senior notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;to change or eliminate any provisions of
    the Indenture, provided that any such change or elimination
    shall become effective only when there are no outstanding senior
    notes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;to secure any debt securities under the
    Indenture;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;to establish the form or terms of the
    debt securities of any series;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;to add Guarantors;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(8)&nbsp;to provide for the acceptance of
    appointment by a successor Trustee or facilitate the
    administration of the trusts under the Indenture by more than
    one Trustee;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(9)&nbsp;to close the Indenture to authentication
    and delivery of additional series of debt securities, and to
    cure any ambiguity, defect or inconsistency in the Indenture,
    provided such action does not adversely affect the interests of
    holders of the senior notes; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(10)&nbsp;to supplement any of the provisions of
    the Indentures to the extent necessary to permit or facilitate
    defeasance and discharge of the senior notes, provided that such
    action shall not adversely affect the interests of the holders
    of the senior notes in any material respect.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of at least a majority in principal
amount of the outstanding debt securities may, on behalf of the
holders of all debt securities, waive any past default under the
Indenture. However, they may not waive a default (1)&nbsp;in the
payment of the principal of (or premium, if any) or any interest
on any debt security or (2)&nbsp;in respect of a covenant or
provision which under the Indenture cannot be modified or
amended without the consent of the holder of each outstanding
debt security affected.
</FONT>

<P align="left">
<B><FONT size="2">Defeasance Provisions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Defeasance and
Discharge.</FONT></I><FONT size="2"> The Indenture provides that
we will be discharged from any and all obligations in respect of
the debt securities of that series (except for certain
obligations to register the transfer or exchange of debt
securities, replace stolen, lost, destroyed or mutilated debt
securities, maintain offices or agencies and hold moneys for
payment in trust) upon the deposit with the Trustee, in trust,
of money, government obligations or a combination thereof, which
through the payment of interest and principal thereof in
accordance with their terms will provide money in an amount
sufficient to pay the principal of (and premium, if any) and
interest on, and any mandatory sinking fund payments in respect
of, the debt securities of that series on the stated maturity
date of the payments in accordance with the terms of the
Indenture and the debt securities. This type of discharge may
only occur if there has been a change in applicable federal law
or we have received from, or there has been published by, the
United States Internal Revenue Service a ruling to the effect
that the holders of the debt securities of that series will not
recognize income, gain or loss for federal income tax purposes
as a result of that discharge and will be subject to federal
income tax on the same amount, in the same manner and at the
same times as would have been the case if the discharge had not
occurred. In addition, this type of discharge may only
</FONT>

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</FONT>

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<DIV align="left">
<FONT size="2">occur so long as no Event of Default or event
which, with notice or lapse of time, would become an Event of
Default with respect to the debt securities of that series has
occurred and being continuing on the date of deposit of cash
and/or government securities are deposited in trust and other
conditions specified in the Indenture are satisfied. The term
&#147;government obligations&#148; means securities of the
government which issued the currency in which the debt
securities of the series are denominated or in which interest is
payable or of government agencies backed by the full faith and
credit of that government.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Defeasance of Certain
Covenants.</FONT></I><FONT size="2"> The Indenture also provides
that we may omit to comply with the covenants described above
under &#147;Certain Covenants&#148; and &#147;Consolidation,
Merger and Sale of Assets&#148; with respect to the debt
securities &#147;of that series if we comply with the following
conditions. In order to exercise this option, we will be
required to deposit with the Trustee money, government
obligations or a combination thereof, which through the payment
of interest and principal thereof in accordance with their terms
will provide money in an amount sufficient to pay the principal
of (and premium, if any) and interest on, and any mandatory
sinking fund payments in respect of, the debt securities of that
series on the stated maturity date of the payments in accordance
with the terms of the Indenture and the debt securities. We will
also be required to deliver to the Trustee an opinion of counsel
to the effect that the deposit and related covenant defeasance
will not cause the holders of the debt securities of that series
to recognize income, gain or loss for federal income tax
purposes and that those holders will be subject to federal
income tax on the same amount, in the same manner and at the
same times as would have been the case if the deposit and
covenant defeasance had not occurred, and to satisfy other
conditions specified in the Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Covenant Defeasance and Events of
Default.</FONT></I><FONT size="2"> In the event we exercise our
option to effect covenant defeasance with respect to the debt
securities of any series and those debt securities are declared
due and payable because of the occurrence of any Event of
Default, the amount of money and government obligations on
deposit with the Trustee will be sufficient to pay amounts due
on the debt securities of that series at the time of their
stated maturity dates but may not be sufficient to pay amounts
due on the debt securities at the time of the acceleration
resulting from such Event of Default. However, we shall remain
liable for such payments.
</FONT>

<P align="left">
<B><FONT size="2">Regarding the Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Bank One Trust Company, National Association
(successor-in-interest to the First National Bank of Chicago) is
trustee under the Indenture, pursuant to which certain of our
debt securities are outstanding and pursuant to which the senior
notes are to be issued. Affiliates of Bank One Trust Company,
National Association maintain normal banking relationships with
us (including Bank One, NA, which participates in and acts as
co-agent in our Bank Credit Facility and provides cash
management and other services for us in the normal course of our
business and Banc One Capital Markets, Inc., an initial
purchaser in this offering).
</FONT>

<P align="left">
<B><FONT size="2">Book-entry Delivery and Settlement</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will issue the senior notes in the form of one
or more permanent global securities in definitive, fully
registered form. The global securities will be deposited with or
on behalf of The Depository Trust Company, referred to as DTC,
and registered in the name of Cede &#38; Co., as nominee of DTC,
or will remain in the custody of the trustee in accordance with
the FAST Balance Certificate Agreement between DTC and the
trustee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DTC has advised us that:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">DTC is a limited-purpose trust company organized
    under the New York Banking Law, a &#147;banking
    organization&#148; within the meaning of the New York Banking
    Law, a member of the Federal Reserve System, a &#147;clearing
    corporation&#148; within the meaning of the New York Uniform
    Commercial Code and a &#147;clearing agency&#148; registered
    under Section&nbsp;17A of the Securities Exchange Act of 1934,
    as amended;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">S-24
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">DTC holds securities that its direct participants
    deposit with DTC and facilitates the settlement among direct
    participants of securities transactions, such as transfers and
    pledges, in deposited securities through electronic computerized
    book-entry changes in direct participants&#146; accounts,
    thereby eliminating the need for physical movement of securities
    certificates;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Direct participants include securities brokers
    and dealers, banks, trust companies, clearing corporations and
    other organizations;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">DTC is owned by a number of its direct
    participants and by the New York Stock Exchange, Inc., the
    American Stock Exchange LLC and the National Association of
    Securities Dealers, Inc.;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Access to the DTC system is also available to
    indirect participants such as securities brokers and dealers,
    banks and trust companies that clear through or maintain a
    custodial relationship with a direct participant, either
    directly or indirectly; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The rules applicable to DTC and its direct and
    indirect participants are on file with the SEC.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have provided the following descriptions of
the operations and procedures of DTC solely as a matter of
convenience. These operations and procedures are solely within
the control of DTC and are subject to change by them from time
to time. Neither we, the underwriters nor the trustee take any
responsibility for these operations or procedures, and you are
urged to contact DTC or its participants directly to discuss
these matters.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expect that under procedures established by
DTC:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Upon deposit of the global securities with DTC or
    its custodian, DTC will credit on its internal system the
    accounts of direct participants designated by the underwriters
    with portions of the principal amounts of the global securities;
    and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Ownership of the senior notes will be shown on,
    and the transfer of ownership of the senior notes will be
    effected only through, records maintained by DTC or its nominee,
    with respect to interests of direct participants, and the
    records of direct and indirect participants, with respect to
    interests of persons other than participants.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The laws of some jurisdictions require that
purchasers of securities take physical delivery of those
securities in the form of a certificate. For that reason, it may
not be possible to transfer interests in a global security to
those persons. In addition, because DTC can act only on behalf
of its participants, who in turn act on behalf of persons who
hold interests through participants, the ability of a person
having an interest in a global security to pledge or transfer
that interest to persons or entities that do not participate in
DTC&#146;s system, or otherwise to take actions in respect of
that interest, may be affected by the lack of a physical
definitive security in respect of that interest.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">So long as DTC or its nominee is the registered
owner of a global security, DTC or that nominee will be
considered the sole owner or holder of the senior notes
represented by that global security for all purposes under the
indenture and under the senior notes. Except as described below,
owners of beneficial interests in a global security will not be
entitled to have senior notes represented by that global
security registered in their names, will not receive or be
entitled to receive the senior notes in the form of a physical
certificate and will not be considered the owners or holders of
the senior notes under the indenture or under the senior notes,
and may not be entitled to give the trustee directions,
instructions or approvals. For that reason, each holder owning a
beneficial interest in a global security must rely on DTC&#146;s
procedures and, if that holder is not a direct or indirect
participant in DTC, on the procedures of the DTC participant
through which that holder owns its interest, to exercise any
rights of a holder of senior notes under the indenture or the
global security.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Neither we nor the trustee will have any
responsibility or liability for any aspect of DTC&#146;s records
relating to the senior notes or relating to payments made by DTC
on account of the senior notes, or any responsibility to
maintain, supervise or review any of DTC&#146;s records relating
to the senior notes.
</FONT>

<P align="center"><FONT size="2">S-25
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will make payments on the senior notes
represented by the global securities to DTC or its nominee, as
the registered owner of the senior notes. We expect that when
DTC or its nominee receives any payment on the senior notes
represented by a global security, DTC will credit
participants&#146; accounts with payments in amounts
proportionate to their beneficial interests in the global
security as shown in DTC&#146;s records. We also expect that
payments by DTC&#146;s participants to owners of beneficial
interests in the global security held through those participants
will be governed by standing instructions and customary practice
as is now the case with securities held for the accounts of
customers registered in the names of nominees for such
customers. DTC&#146;s participants will be responsible for those
payments.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payments on the senior notes represented by the
global securities will be made in immediately available funds.
Transfers between participants in DTC will be made in accordance
with DTC rules and will be settled in immediately available
funds.
</FONT>

<P align="left">
<B><FONT size="2">Certificated Senior Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will issue certificated senior notes to each
person that DTC identifies as the beneficial owner of senior
notes represented by the global securities upon surrender by DTC
of the global securities only if:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">DTC notifies us that it is no longer willing or
    able to act as a depository for the global securities, and we
    have not appointed a successor depository within 90&nbsp;days of
    that notice;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">An event of default has occurred and is
    continuing; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We decide not to have the senior notes
    represented by a global security.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Neither we nor the trustee will be liable for any
delay by DTC, its nominee or any direct or indirect participant
in identifying the beneficial owners of the related senior
notes. We and the trustee may conclusively rely on, and will be
protected in relying on, instructions from DTC or its nominee,
including instructions about the registration and delivery, and
the respective principal amounts, of the senior notes to be
issued.
</FONT>

<P align="left">
<B><FONT size="2">Same-Day Settlement and Payment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Settlement for the senior notes will be made by
the underwriters in immediately available funds. So long as the
senior notes are represented by Global Securities registered in
the name of DTC or its nominee, all payments of principal and
interest will be made by us in immediately available funds. In
addition, so long as the senior notes are represented by such
Global Securities, the senior notes will trade in DTC&#146;s
Same-Day Funds Settlement System, and secondary market trading
activity in the senior notes will therefore be required by DTC
to settle in immediately available funds. No assurance can be
given as to the effect, if any, of settlement in immediately
available funds on trading activity in the senior notes.
</FONT>

<P align="center"><FONT size="2">S-26
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "UNDERWRITING" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="center">
<B><FONT size="2">UNDERWRITING</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to the terms and conditions stated in the
underwriting agreement dated the date of this prospectus
supplement, each underwriter named below has agreed to purchase,
and we have agreed to sell to that underwriter, the principal
amount of senior notes set forth opposite the underwriter&#146;s
name:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="73%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Principal Amount</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Underwriters</FONT></B></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">of Senior Notes</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Salomon Smith Barney Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">120,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Banc of America Securities LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Banc One Capital Markets, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Comerica Securities, Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SunTrust Capital Markets, Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Credit Lyonnais Securities USA Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Credit Suisse First Boston
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">PNC Capital Markets, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">ABN AMRO Incorporated
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">300,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The underwriting agreement provides that the
obligations of the underwriters to purchase the senior notes
included in this offering are subject to approval of legal
matters by counsel and to other conditions. The underwriters are
obligated to purchase all the senior notes if they purchase any
of the senior notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The underwriters propose to offer some of the
senior notes directly to the public at the public offering price
set forth on the cover page of this prospectus supplement and
some of the senior notes to dealers at the public offering price
less a concession not to exceed 0.500% of the principal amount
of the senior notes. The underwriters may allow, and dealers may
reallow, a concession not to exceed 0.250% of the principal
amount of the senior notes on sales to other dealers. After the
initial offering of the senior notes to the public, the
representatives may change the public offering price and
concessions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table shows the underwriting
discounts and commissions that we are to pay to the underwriters
in connection with this offering (expressed as a percentage of
the principal amount of the senior notes):
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="79%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Paid by Pulte</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Per senior note
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.875</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the offering the underwriters
and their affiliates may purchase and sell senior notes in the
open market. These transactions may include over-allotment,
syndicate covering transactions and stabilizing transactions.
Over-allotment involves syndicate sales of senior notes in
excess of the principal amount of senior notes to be purchased
by the underwriters in the offering, which creates a syndicate
short position. Syndicate covering transactions involve
purchases of the senior notes in the open market after the
distribution has been completed in order to cover syndicate
short positions. Stabilizing transactions consist of certain
bids or purchases of senior notes made for the purpose of
preventing or retarding a decline in the market price of the
senior notes while the offering is in progress.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The underwriters may also impose a penalty bid.
Penalty bids permit the underwriters to reclaim a selling
concession from a syndicate member when they, in covering
syndicate short positions or making stabilizing purchases,
repurchase senior notes originally sold by that syndicate member.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any of these activities may have the effect of
preventing or retarding a decline in the market price of the
senior notes. They may also cause the price of the senior notes
to be higher than the price that otherwise would exist in the
open market in the absence of such transactions. The
underwriters may conduct these transactions in the
over-the-counter market or otherwise. If the underwriters
commence any of these transactions, they may discontinue them at
any time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The senior notes are a new issue of securities
with no established trading market. We do not intend to apply
for listing of the senior notes on any national securities
exchange. We have been advised by the
</FONT>

<P align="center"><FONT size="2">S-27
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">underwriters that they intend to make a market in
the senior notes, but they are not obligated to do so and may
discontinue market making at any time without notice. Therefore,
there may not be a market for the senior notes and any market
that may exist could be illiquid.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We estimate that our total expenses for this
offering (excluding underwriters&#146; discounts and
commissions) will be approximately $1.0&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the ordinary course of their business, some of
the underwriters and their affiliates have performed investment
banking and advisory and general financing and banking services
for us from time to time for which they have received customary
fees and expenses. Among other things, affiliates of certain of
the underwriters are lenders under our credit facilities. In
particular, Bank of America, N.A., which is an affiliate of Banc
of America Securities LLC, Bank One, NA, which is an affiliate
of Banc One Capital Markets, Inc., Citibank, N.A., which is an
affiliate of Salomon Smith Barney Inc., Comerica Bank, which is
an affiliate of Comerica Securities, Inc., Credit Lyonnais,
which is an affiliate of Credit Lyonnais Securities USA Inc.,
Credit Suisse First Boston, PNC Bank, National Association,
which is an affiliate of PNC Capital Markets, Inc., Standard
Federal, which is an affiliate of ABN AMRO Incorporated, and
SunTrust Bank, which is an affiliate of SunTrust Capital
Markets, Inc., all act as lenders under our revolving credit
facility and will receive a portion of the net proceeds of the
offering. The offering is being made in compliance with
Rule&nbsp;2710(c)(8) of the Conduct Rules of the National
Association of Securities Dealers, Inc. In addition, Bank One
Trust Company, N.A., which is an affiliate of Banc One Capital
Markets, Inc., is the Trustee. The underwriters and their
affiliates may, from time to time, engage in transactions with
or perform services for us in the ordinary course of their
business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have agreed to indemnify the underwriters
against certain liabilities, including liabilities under the
Securities Act of 1933, or to contribute to payments the
underwriters may be required to make because of any of those
liabilities.
</FONT>

<!-- link1 "LEGAL MATTERS" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center">
<B><FONT size="2">LEGAL MATTERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The validity of the senior notes offered hereby
and certain other legal matters will be passed upon for us by
Honigman Miller Schwartz and Cohn LLP, Detroit, Michigan.
Certain legal matters will be passed upon for the underwriters
by Mayer, Brown, Rowe &#38; Maw, New York, New York.
</FONT>

<P align="center"><FONT size="2">S-28
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<U><FONT size="2">PROSPECTUS</FONT></U>

<P align="center">
<B><FONT size="5">$1,000,000,000</FONT></B>

<P align="center">
<B><FONT size="6">Pulte Homes, Inc.</FONT></B>

<P align="center">
<B><FONT size="4">Senior Debt Securities</FONT></B>

<DIV align="center">
<B><FONT size="4">Subordinated Debt Securities</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Common Stock</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Warrants</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Stock Purchase Contracts</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Stock Purchase Units</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">PH Trust I</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">PH Trust II</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Trust Preferred Securities</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">Fully and Unconditionally
Guaranteed,</FONT></B>

<DIV align="center">
<B><FONT size="2">as Described Herein, by Pulte Homes, Inc. and
its subsidiaries</FONT></B>
</DIV>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may offer from
time to time:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">senior debt securities (consisting of debentures,
    notes and/or other evidences of senior unsecured indebtedness);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">subordinated debt securities (together with the
    senior debt securities, the &#147;Debt Securities&#148;);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">common stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">warrants;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">stock purchase contracts;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">stock purchase units; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">trust preferred securities.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will provide the
specific terms of these securities in one or more supplements to
this prospectus. You should read this prospectus and the
prospectus supplements carefully before you invest. This
prospectus may not be used to offer and sell securities unless
accompanied by a prospectus supplement describing the method and
terms of the offering of those offered securities. We may sell
the securities, or we may distribute them through underwriters
or dealers. In addition, the underwriters may overallot a
portion of the securities.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Common Stock is
traded on the New&nbsp;York Stock Exchange under the trading
symbol &#147;PHM.&#148;
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>See
&#147;A Warning About Forward Looking Statements&#148; on
page&nbsp;6 for information you should consider before buying
these securities.</B>

<P align="center">
<HR size="1" width="27%" align="center" noshade>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><I><FONT size="2">These
Securities have not been approved or disapproved by the
Securities and Exchange Commission or any state securities
commission nor has the Securities and Exchange Commission passed
upon the accuracy or adequacy of this Prospectus. Any
representation to the contrary is a criminal offense.</FONT></I>

<P align="center">
<FONT size="2">The date of this prospectus is June&nbsp;7, 2002
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">About this Prospectus
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pulte Homes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Trusts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Risk Factors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Where You Can Find More Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">A Warning About Forward Looking Statements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Use of Proceeds
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounting Treatment Relating to Trust Securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of Earnings to Fixed Charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Offering
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Debt Securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Capital Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Warrants
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Stock Purchase Contracts and Stock
    Purchase Units
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Trust Preferred Securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Trust Preferred Securities
    Guarantee
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Relationship Among the Trust Preferred Securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Plan of Distribution
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Experts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal Opinions
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You should rely only on the information contained
or incorporated by reference in this prospectus and in any
accompanying prospectus supplement. We have not authorized any
other person to provide you with different information. This
document may only be used where it is legal to sell these
securities. You should only assume that the information in this
prospectus or in any prospectus supplement is accurate as of the
date on the front of the document. Our business, financial
condition, results of operations and prospects may have changed
since that date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each reference in this prospectus to
&#147;Pulte,&#148; &#147;we,&#148; &#147;our&#148; or
&#147;us&#148; means Pulte Homes, Inc. and its consolidated
subsidiaries, unless the context requires otherwise.
</FONT>

<P align="center"><FONT size="2">2
</FONT>
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<!-- link1 "ABOUT THIS PROSPECTUS" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center">
<B><FONT size="2">ABOUT THIS PROSPECTUS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus is part of a registration
statement that we filed with the SEC utilizing a
&#147;shelf&#148; registration process. Under this shelf
process, we may offer any combination of the securities
described in this prospectus in one or more offerings up to a
total dollar amount of $1.0&nbsp;billion. This prospectus
provides you with a general description of the securities we may
offer. Each time we use this prospectus to offer securities, we
will provide a prospectus supplement that will contain specific
information about the terms of that offering. The prospectus
supplement may also add, update or change information contained
in this prospectus. Please carefully read this prospectus and
the prospectus supplement together with the additional
information described under the heading &#147;Where You Can Find
More Information.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have not included separate financial
statements of the trusts in this prospectus. We do not consider
that such financial statements are material to holders of the
trust preferred securities because:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">each trust is a newly created special purpose
    entity;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">neither trust has any operating history or
    independent operations; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">neither trust is engaged in, nor will it engage
    in, any activity other than issuing trust preferred and trust
    common securities, investing in and holding our Debt Securities
    and engaging in related activities.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Furthermore, the combination of our obligations
under the Debt Securities, the associated indentures, the
declarations of trust and the guarantees provide a full,
irrevocable and unconditional guarantee of payments of
distributions and other amounts due on the trust preferred
securities. In addition, we do not expect that the trusts will
file reports with the SEC under the Securities Exchange Act of
1934.
</FONT>

<!-- link1 "PULTE HOMES" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center">
<B><FONT size="2">PULTE HOMES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are a publicly held holding company whose
subsidiaries engage in the homebuilding and financial services
businesses. We have three reportable business segments:
homebuilding, financial services and corporate.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The homebuilding segment of our operations
consists of two business units: domestic homebuilding and
international homebuilding. Through Pulte Home Corporation, Del
Webb Corporation and our other homebuilding subsidiaries in the
United States, we acquire land, develop communities and build
and sell a wide variety of homes, including detached units,
townhouses, condominium apartments and duplexes, all primarily
sold for use as principal residences. Our homes are targeted to
first-time, move-up, semi-custom and active adult home buyers (a
growing demographic group in their pre-retirement and retirement
years). As of December&nbsp;31, 2001, our domestic operations
offered homes for sale in 440 communities in 43 markets and 25
states at prices ranging from $75,000 to over $1,200,000 (sales
prices of homes offered for sale in the majority of our
communities fall within the range of $150,000 to $450,000), with
a 2001 average unit selling price of $225,000. Our international
homebuilding subsidiaries engage in residential land development
and homebuilding in Mexico, Puerto Rico and Argentina, primarily
through subsidiaries of Pulte International Corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Through Pulte Mortgage Corporation, we also
provide mortgage financing services, primarily to buyers of our
homes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our homebuilding strategy in the United States is
focused on the continued development of the Pulte consumer and
value-based brand. Our goal is to create a wide array of
well-located, quality-built residential housing communities for
homebuyers to provide repeat sales opportunities as they
transition from first-time, move-up, semi-custom and ultimately
to active adult buyers. We believe our July&nbsp;31, 2001 merger
with Del Webb Corporation strengthens our position in the high
growth, active adult market. Our extensive pre-construction
market research and analysis enables us to understand what our
homebuyers desire. We then specifically develop our communities
and products to that well-defined homebuyer profile. Our
commitment to research and development is focused on the
continuous improvement of construction
</FONT>

<P align="center"><FONT size="2">3
</FONT>

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<DIV align="left">
<FONT size="2">and land development techniques, which allows us
to provide high levels of quality and value in our homes and
communities. Our Pulte Preferred Partnership (P<SUP>3</SUP>)
program was initiated with a goal toward developing long-term
relationships with premier contractors and suppliers to maximize
execution of our development and building plans. In addition, we
believe that our well-capitalized financial structure combined
with our high level of production volume allow us to negotiate
favorable material and supply purchasing agreements on a
national and/or regional basis to minimize our costs of
production. Finally, our mortgage financing subsidiaries have
continued to automate operations to (a)&nbsp;enhance customer
service, (b)&nbsp;facilitate the sales process and
(c)&nbsp;reduce mortgage origination production costs to
maximize profitability. We believe the Del Webb merger
facilitates implementation of these goals and we will continue
to evaluate available strategic acquisition opportunities that
coincide with our long range goals.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our executive offices are located at 33
Bloomfield Hills Parkway, Suite&nbsp;200, Bloomfield Hills,
Michigan 48304, and our telephone number is (248)&nbsp;647-2750.
By the end of June 2002, our executive offices will be located
at 100&nbsp;Bloomfield Hills Parkway, Suite&nbsp;300, Bloomfield
Hills, Michigan 48304.
</FONT>

<DIV>&nbsp;</DIV>

<!-- link1 "THE TRUSTS" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="center">
<B><FONT size="2">THE TRUSTS</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">PH Trust&nbsp;I and PH Trust&nbsp;II are
subsidiaries of Pulte Homes, Inc. They exist for the purpose of
issuing trust preferred securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each of the trusts is created under the Delaware
Business Trust Act and will be governed by a declaration of
trust (as it may be amended from time to time) among the
trustees of each trust and Pulte. Each declaration will be
qualified under the Trust Indenture Act of 1939.
</FONT>

<P align="left">
<FONT size="2">Each trust will exist primarily for the purposes
of:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">issuing its trust preferred and trust common
    securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">investing the proceeds from the sale of its
    securities in our debt securities; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">engaging in only such other activities as are
    necessary or incidental to issuing its securities and purchasing
    and holding our debt securities.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">When a trust issues its trust preferred
securities, the holders of the trust preferred securities will
own all of the issued and outstanding trust preferred securities
of the trust. We will acquire all of the issued and outstanding
trust common securities of each trust, representing an undivided
beneficial interest in the assets of each trust of at least 3%.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The number of trustees of each trust will
initially be three. One of the trustees will be a Pulte officer
or other employee. The second trustee will be Bank One Trust
Company, National Association which will serve as the property
trustee under the declaration of trust for purposes of the Trust
Indenture Act of 1939. The third trustee will be Bank One
Delaware, Inc., which has its principal place of business in the
State of Delaware.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Bank One Trust Company, National Association
acting in its capacity as guarantee trustee, will hold for your
benefit a trust preferred securities guarantee, which will be
separately qualified under the Trust Indenture Act of 1939.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless otherwise provided in the applicable
prospectus supplement, because we will own all of the trust
common securities of each trust, we will have the exclusive
right to appoint, remove or replace trustees and to increase or
decrease the number of trustees. In most cases, there will be at
least three trustees. We will describe the term of a trust in
the applicable prospectus supplement, but may dissolve earlier
as provided in the applicable declaration of trust.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The rights of the holders of the trust preferred
securities of a trust, including economic rights, rights to
information and voting rights, and the duties and obligations of
the trustees of a trust, will be contained in and governed by
the declaration of that trust (as it may be amended from time to
time), the Delaware Business Trust Act and the Trust Indenture
Act of 1939.
</FONT>

<P align="center"><FONT size="2">4
</FONT>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The address of the principal office of each trust
is 33&nbsp;Bloomfield Hills Parkway, Suite&nbsp;200, Bloomfield
Hills, MI 48304, and the telephone number of each trust at that
address is (248)&nbsp;647-2750.
</FONT>

<P align="center">
<B><FONT size="2">RISK FACTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">An investment in our securities involves a high
degree of risk. In addition to the other information included in
this prospectus, you should carefully consider the risk factors
in the prospectus supplement when determining whether or not to
purchase the securities offered under this prospectus and the
prospectus supplement.
</FONT>

<DIV>&nbsp;</DIV>

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->
<DIV align="left"><A NAME="012"></A></DIV>

<DIV align="center">
<B><FONT size="2">WHERE YOU CAN FIND MORE INFORMATION</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We file annual, quarterly and special reports and
other information with the SEC. The registration statement and
these other SEC filings are available to you at the SEC&#146;s
website at http://www.sec.gov. You may read and copy any filed
document at the SEC&#146;s public reference rooms in Washington,
D.C. at Room&nbsp;1024, 450 Fifth Street, N.W., Judiciary Plaza,
Washington, D.C. 20549, and at the SEC&#146;s regional office
located at Citicorp Center, 500 West Madison Street,
Suite&nbsp;1400, Chicago, Illinois 60661. Please call the SEC at
1-800-SEC-0330 for further information on the public reference
rooms. You also may inspect our SEC filings at the New&nbsp;York
Stock Exchange, the exchange on which our Common Stock is
listed, at 20&nbsp;Broad Street, 7th&nbsp;Floor, New&nbsp;York,
NY 10005.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus is part of a registration
statement we have filed with the SEC relating to the securities
we may offer. As permitted by SEC rules, this prospectus does
not contain all of the information we have included in the
registration statement and the accompanying exhibits and
schedules we file with the SEC. You may refer to the
registration statement, the exhibits and schedules for more
information about us and our securities. The registration
statement, exhibits and schedules are available at the
SEC&#146;s public reference room or through its website.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The SEC allows us to &#147;incorporate by
reference&#148; information in documents that we file with them,
which means that we can disclose important information to you by
referring you to those documents that are considered part of
this prospectus. We incorporate by reference the following
documents into this prospectus:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Quarterly Report on Form&nbsp;10-Q for the
    quarter ended March&nbsp;31, 2002;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Annual Report on Form&nbsp;10-K for the year
    ended December&nbsp;31, 2001;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Current Reports on Form&nbsp;8-K filed on
    February&nbsp;25, 2002, April&nbsp;26, 2002 and June&nbsp;6,
    2002; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the description of our Common Stock contained in
    Item&nbsp;1 of our Registration Statement on Form&nbsp;8-A filed
    with the SEC on May&nbsp;17, 1983, Item&nbsp;4 of our
    Registration Statement on Form&nbsp;8-B filed with the SEC on
    May&nbsp;16, 1985 and Item&nbsp;4 of our Registration Statement
    on Form&nbsp;8-B filed with the SEC on December&nbsp;18, 1987,
    each pursuant to Section&nbsp;12 of the Exchange Act.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Information that we file later with the SEC under
Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act will
automatically update and supersede the previously filed
information. You may request copies of these filings at no cost,
by writing or telephoning us at the following address:
</FONT>

<P align="center">
<FONT size="2">Investor Relations
</FONT>

<DIV align="center">
<FONT size="2">Pulte Homes, Inc.
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">33 Bloomfield Hills Parkway, Suite&nbsp;200
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Bloomfield Hills, Michigan 48304
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">(248)&nbsp;647-2750
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Telecopy: (248)&nbsp;433-4543
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attn: James Zeumer
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You should rely only on the information
incorporated by reference or provided in this prospectus or any
prospectus supplement. We have not authorized anyone else to
provide you with different information
</FONT>

<P align="center"><FONT size="2">5
</FONT>
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<DIV align="left">
<FONT size="2">or to make any representations other than as
contained in this prospectus or in any prospectus supplement. We
are not making any offer of these securities in any state where
the offer is not permitted.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We maintain a website at http://www.pulte.com.
Our website and the information at that site, or connected to
that site, is not incorporated into this prospectus, any
prospectus supplement or the registration statement of which
this prospectus is a part.
</FONT>

<!-- link1 "A WARNING ABOUT FORWARD-LOOKING STATEMENTS" -->
<DIV align="left"><A NAME="013"></A></DIV>

<P align="center">
<B><FONT size="2">A WARNING ABOUT FORWARD-LOOKING
STATEMENTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Statements contained or incorporated by reference
in this prospectus and the accompanying prospectus supplement
that are not historical facts are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Words such as &#147;anticipate,&#148; &#147;expect,&#148;
&#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148;
&#147;seek,&#148; &#147;estimate&#148; or similar expressions
signify forward-looking statements. Forward looking statements
also include financial projections or targets of future
performance based on estimates and assumptions that, while
considered reasonable by us or based on sources we believe to be
accurate, are inherently subject to significant business,
economic and competitive uncertainties and contingencies, many
of which are beyond our control. Financial projections are not
prepared with a view toward compliance with generally accepted
accounting principles or with published guidelines of any
regulatory or governmental body.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Forward looking statements are not guarantees of
future results and conditions, but rather are subject to risks
and uncertainties that could cause actual results to differ
materially from those currently anticipated. There can be no
assurances that any forward looking statements, including
financial projections or targets, will prove to be correct or
attained and should not be viewed as a promise or representation
by us or any other person that these statements or financial
projections or targets will be attained. For these reasons, we
caution you not to place undue reliance on our forward-looking
statements. Important factors that could cause actual results to
differ materially from those suggested by these forward looking
statements and that could adversely affect our future financial
performance are described in our public filings and also include
the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">general economic conditions including tax rates,
    interest rates and shifts in demand for new homes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">exposure to certain market risks and the cyclical
    and seasonal nature of our businesses;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">adverse weather;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">changes in property taxes and energy costs;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">availability of incremental and/or replacement
    financing;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">changes in federal income tax laws and federal
    mortgage financing programs;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">governmental regulation;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">changes in governmental and public policy;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">changes in economic conditions specific to any
    one or more of our markets and businesses;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">competition;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">availability of raw materials and skilled labor;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">environmental matters;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">issues and timing surrounding land entitlement
    and development;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">unexpected operations difficulties; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to integrate the recently acquired
    business operations of Del Webb Corporation, including Del
    Webb&#146;s activities, management and corporate culture, with
    our own, and our ability
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">to develop and manage large-scale active adult
    communities which differ from our historical homebuilding
    business.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The risks and uncertainties listed above are not
the only ones we face. Additional risks and uncertainties not
presently known to us or that we currently believe to be
immaterial also may adversely affect us. Should any known or
unknown risks and uncertainties develop into actual events,
these developments could have material adverse effects on our
business, financial condition and results of operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We refer to the documents identified above under
&#147;Where You Can Find More Information&#148; for a discussion
of these factors and their effects on our business.
</FONT>

<!-- link1 "USE OF PROCEEDS" -->
<DIV align="left"><A NAME="014"></A></DIV>

<P align="center">
<B><FONT size="2">USE OF PROCEEDS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as otherwise provided in the related
prospectus supplement, we will use the net proceeds from the
sale of the offered securities for general corporate purposes.
These purposes may include:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">repayments or refinancing of debt;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">working capital;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">capital expenditures;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">acquisitions; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">repurchase or redemption of securities including
    our Common Stock.
    </FONT></TD>
</TR>

</TABLE>

<!-- link1 "ACCOUNTING TREATMENT RELATING TO TRUST SECURITIES" -->
<DIV align="left"><A NAME="015"></A></DIV>

<P align="center">
<B><FONT size="2">ACCOUNTING TREATMENT RELATING TO TRUST
SECURITIES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The accounting treatment relating to the trust
securities will be set forth in the applicable prospectus
supplement. Our financial statements will include a footnote
that discloses, among other things, that the assets of the trust
consist of our debt securities and will specify the designation,
principal amount, interest rate and maturity date of the debt
securities.
</FONT>

<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->
<DIV align="left"><A NAME="016"></A></DIV>

<P align="center">
<B><FONT size="2">RATIO OF EARNINGS TO FIXED CHARGES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table shows our ratios of earnings
to fixed charges for the periods indicated. This information
should be read in conjunction with the consolidated financial
statements and the accompanying notes incorporated by reference
in this prospectus.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="18" align="center" nowrap><B><FONT size="1">Year Ended December 31,</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="18" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">1997</FONT></B></TD><TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
    <TD></TD>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of earnings to fixed charges(a)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.16</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(b)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.08</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.69</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(a)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The ratios of earnings to fixed charges set forth
    above are computed on a total enterprise basis, except for our
    discontinued thrift operations, which are excluded. Fixed
    charges include interest incurred and a portion of rent expense,
    which represents the estimated interest factor and amortization
    of debt expense.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(b)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Calculations for 2001 include the operations of
    Del Webb since the July&nbsp;31, 2001 merger.
    </FONT></TD>
</TR>

</TABLE>

<!-- link1 "THE OFFERING" -->
<DIV align="left"><A NAME="017"></A></DIV>

<P align="center">
<B><FONT size="2">THE OFFERING</FONT></B>

<P align="left">
<B><FONT size="2">Debt Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may issue our debt securities to the trust
from time to time. These debt securities may be distributed to
holders of the trust preferred securities if and when a trust is
dissolved. The debt securities will be unsecured, and can be
either pari passu with or subordinate and junior in right of
payment to our senior debt. We will indicate the type of debt
securities to be issued in a prospectus supplement.
</FONT>

<P align="center"><FONT size="2">7
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Guarantee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and certain of our subsidiaries will guarantee
the trusts&#146; payment obligations on the trust preferred
securities as described in a prospectus supplement. We will
provide the specific terms of the guarantee in a prospectus
supplement.
</FONT>

<P align="left">
<B><FONT size="2">Stock Purchase Contracts</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may issue stock purchase contracts obligating
holders to purchase from us a specified number of shares of
common stock in the future. We may issue stock purchase
contracts separately or as a part of stock purchase units
consisting of a stock purchase contract and debt securities,
trust preferred securities or debt obligations of third parties,
including U.S.&nbsp;treasury securities, securing the
holders&#146; obligations to purchase common stock under the
stock purchase contracts. We will provide the specific terms of
the stock purchase contracts and stock purchase units in a
prospectus supplement.
</FONT>

<P align="left">
<B><FONT size="2">Trust Preferred Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust may offer from time to time trust
preferred securities representing undivided beneficial interests
in the assets of the issuing trust. The trusts will use the
proceeds from the sale of their trust preferred securities to
purchase our debt securities.
</FONT>

<!-- link1 "DESCRIPTION OF DEBT SECURITIES" -->
<DIV align="left"><A NAME="018"></A></DIV>

<P align="center">
<B><FONT size="2">DESCRIPTION OF DEBT SECURITIES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We describe in this section the general terms
that will apply to any particular series of Debt Securities that
we may offer by this prospectus and an applicable prospectus
supplement in the future. When we issue a particular series, we
will describe in the applicable prospectus supplement that
relates to the series (a)&nbsp;the specific terms of the
securities, and (b)&nbsp;the extent to which the general terms
described in this section apply to the securities of that series.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any Debt Securities that we offer will be our
direct unsecured general obligations. These Debt Securities may
be senior debt securities, subordinated debt securities or other
types of debt securities and will be issued under one or more
separate indentures between us and one or more banks or trust
companies, as trustee. A Debt Security is considered
&#147;senior&#148; or &#147;subordinated&#148; depending on how
it ranks in relation to our other debts. Senior debt securities
will generally rank equal to other senior debt securities or
unsubordinated debt. Holders of our subordinated debt securities
will only be entitled to payment after we pay our senior debts,
including our senior debt securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have summarized the material provisions of the
indentures in this section, but this is only a summary. The
indentures have been filed with the SEC and are incorporated by
reference. See &#147;Where You Can Find More Information.&#148;
Our discussion of indenture provisions is not complete,
therefore, and you should read the indentures for a more
complete understanding of the provisions we describe. You should
also read the indentures for provisions that may be important to
you. You should review the applicable indenture for additional
information before you buy any Debt Securities. Capitalized
terms used in the following summary have the meanings specified
in the indentures unless otherwise defined below.
</FONT>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Debt Securities will be our direct unsecured
general obligations. If provided in a prospectus supplement,
each of the Guarantors (as defined below) will guarantee our
obligations under the Debt Securities on terms set forth in the
prospectus supplement, subject to such guarantee not
constituting or resulting in a violation of any applicable
fraudulent conveyance or similar law of any relevant
jurisdiction, in which case the liability of the Guarantor under
its guarantee will be reduced to the maximum amount, after
giving effect to all other contingent and fixed liabilities of
such Guarantor, permissible under applicable fraudulent
conveyance or similar law. The Guarantors will consist of some
or all of Abacoa Homes, Inc.; American Title of the Palm Beaches
Corporation; Anthem Arizona L.L.C.; Asset Five Corp.; Asset
Seven Corp.; Bellasera Corp.; Carr&#146;s Grant, L.L.C.; Del E.
Webb Development Co., L.P.; Del E.
</FONT>

<P align="center"><FONT size="2">8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">Webb Foothills Corporation; Del Webb California
Corp.; Del Webb Communities, Inc.; Del Webb Corporation; Del
Webb Golf Corp.; Del Webb Home Construction, Inc.; Del Webb
Limited Holding Co.; Del Webb Southwest Co.; Del Webb Texas
Limited Partnership; Del Webb&#146;s Coventry Homes Construction
Co.; Del Webb&#146;s Coventry Homes, Inc.; Del Webb&#146;s
Coventry Homes of Nevada, Inc.; Del Webb&#146;s Spruce Creek
Communities, Inc.; Del Webb&#146;s Sunflower of Tucson, Inc.;
Devtex Land, L.P.; DiVosta and Company, Inc.; DiVosta Building
Corporation; DiVosta Homes, Inc.; Florida Building Products,
Inc.; Florida Club Homes, Inc.; Hammock Reserve Development
Company; Harrison Hills, LLC; Island Walk Development Company;
Mountain View Two, LLC; New Mexico Asset Corporation; New Mexico
Asset Limited Partnership; One Willowbrook, L.L.C.; PB Venture
L.L.C.; PBW Corporation; PC/BRE Development L.L.C.; PC/BRE
Springfield L.L.C.; PC/BRE Venture L.L.C.; PC/BRE Whitney Oaks
L.L.C.; PC/BRE Winfield L.L.C.; PC/Palm Beach, Inc.; PH1
Corporation; PH2 Corporation; PN&nbsp;I,&nbsp;Inc.; PN&nbsp;II,
Inc.; Pulte Communities NJ, Limited Partnership; Pulte
Development Corporation; Pulte Home Corporation; Pulte Home
Corporation of New England; Pulte Home Corporation of the
Delaware Valley; Pulte Homes of Greater Kansas City, Inc.; Pulte
Homes of Michigan Corporation; Pulte Homes of Michigan I Limited
Partnership; Pulte Homes of Minnesota Corporation; Pulte Homes
of New York, Inc.; Pulte Homes of NJ, Limited Partnership; Pulte
Homes of Ohio Corporation; Pulte Homes of PA, Limited
Partnership; Pulte Homes of South Carolina, Inc.; Pulte Homes of
Texas, L.P.; Pulte Homes Tennessee Limited Partnership; Pulte-IN
Corp.; Pulte Land Company, LLC; Pulte Land Development
Corporation; Pulte Lifestyle Communities, Inc.; Pulte Michigan
Holdings Corporation; Pulte Michigan Services, LLC; Pulte
Payroll Corporation; Radnor Homes, Inc.; RiverWalk of the Palm
Beaches Development Company, Inc.; RN Acquisition&nbsp;2 Corp.;
Sean/ Christopher Homes, Inc.; Spruce Creek South Utilities,
Inc.; Terravita Corp.; Terravita Home Construction Co.; Village
Walk Development Company, Inc.; Wil Corporation and Wilben, LLLP.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our operations are conducted through our
subsidiaries and, therefore, we are primarily dependent on the
earnings and cash flows of our subsidiaries to meet our debt
service obligations. Except as described below with regard to
certain Del Webb senior subordinated notes, there currently are
no restrictions on the ability of our subsidiaries (including
the subsidiaries that are not Guarantors) to provide funds to
use to meet our debt service obligations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indentures relating to Del Webb&#146;s senior
subordinated notes contain &#147;restricted payment&#148;
covenants which restrict the ability of Del Webb and its
subsidiaries, certain of which have or will become Guarantors,
to make dividend payments distributions and other restricted
payments. This limits the ability of Del Webb to transfer funds
to us in order to enable us to meet our debt service
obligations. As of December&nbsp;31, 2001, there was a
$351&nbsp;million aggregate principal amount of Del Webb senior
subordinated notes outstanding. Del Webb has the right to redeem
all of its outstanding senior subordinated notes prior to
maturity, at its option, at varying prepayment premiums.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any right of ours or our creditors to participate
in the assets of our subsidiaries upon any liquidation or
reorganization of any such subsidiary will be subject to the
prior claims of that subsidiary&#146;s creditors, including
trade creditors. Accordingly, the Debt Securities issued will
also be effectively subordinated to the creditors of our
subsidiaries. The Debt Securities will, if provided in a
prospectus supplement, have the benefit of guarantees from the
Guarantors. The Guarantors are separate and distinct legal
entities and have no obligation, contingent or otherwise, to pay
any amounts due pursuant to the Debt Securities or to make any
funds available for the Debt Securities, whether by dividends,
loans or other payments, other than as expressly provided in the
guarantees. The payment of dividends or the making of loans and
advances by our subsidiaries to us are subject to contractual,
statutory and regulatory restrictions, contingent upon the
earnings of those subsidiaries and are subject to various
business considerations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A prospectus supplement and a supplemental
indenture relating to any series of Debt Securities being
offered will include specific terms relating to the offering.
These terms will include some or all of the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if other than denominations of $1,000 and any
    integral multiple thereof, the denominations in which the Debt
    Securities will be issuable;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">9
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the title, series, type and amount of the Debt
    Securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the total principal amount and priority of the
    Debt Securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the percentage of the principal amount at which
    the Debt Securities will be issued and any payments due if the
    maturity of the Debt Securities is accelerated;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the dates on which the principal of the Debt
    Securities will be payable;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the interest rate which the Debt Securities will
    bear and the interest payment dates for the Debt Securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the place or places where the principal of and
    any interest on the Debt Securities will be payable;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the place where the Debt Securities may be
    presented for registration of transfer or exchange;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any limit on the aggregate principal amount of
    the Debt Securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any optional redemption periods;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any sinking fund or other provisions that would
    obligate us to repurchase or otherwise redeem the Debt
    Securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the terms of any right to convert the Debt
    Securities into shares of our Common Stock or other securities
    or property;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any provisions granting special rights to holders
    when a specified event occurs;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any provisions relating to the deferral of
    payment of any interest;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any other terms of the Debt Securities (which
    terms will not be inconsistent with the provisions of the
    indenture);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any changes to or additional events of default or
    covenants;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any special tax implications of the Debt
    Securities, including provisions for original issue discount
    securities, if offered; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any other terms of the Debt Securities not
    inconsistent with the terms and provisions of the indentures.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each prospectus supplement will also describe any
special provisions for the payment of additional amounts with
respect to the Debt Securities. Debt Securities of any series
may be issued in one or more series or tranches as described in
the applicable prospectus supplement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the purchase price of any of the offered Debt
Securities is denominated in a foreign currency or currencies or
foreign currency unit or units or if the principal of and any
premium and interest on any series of Debt Securities is payable
in a foreign currency or currencies or foreign currency unit or
units, the restrictions, elections, general tax considerations,
specific terms and other information with respect to the issue
of Debt Securities and such foreign currency or currencies or
foreign currency unit or units will be set forth in the
applicable prospectus supplement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indentures provide that the Debt Securities
may be issued in one or more series, in each case as authorized
by our Board of Directors from time to time. The indentures also
provide that there may be more than one trustee under the
indentures, each with respect to one or more different series of
Debt Securities. In the event that there is more than one
trustee under an indenture, the powers and trust obligations of
each trustee shall extend only to the one or more series of Debt
Securities for which it is a trustee. If more than one trustee
is acting under an indenture, the Debt Securities (whether of
one or more than one series) for which each trustee is acting
shall in effect be treated as if issued under separate
indentures.
</FONT>

<P align="center"><FONT size="2">10
</FONT>

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<P align="left">
<B><FONT size="2">Payment of Principal, Interest and Premium;
Transfer of Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless we designate otherwise, we will pay
principal, interest and any premium on fully registered
securities in Bloomfield Hills, Michigan. We will make payments
by check mailed to the persons in whose names the Debt
Securities are registered on days specified in the indentures or
any prospectus supplement. We will make Debt Securities payments
in other forms at a place we designate and specify in a
prospectus supplement. You may transfer or exchange fully
registered securities at the corporate trust office of the
trustee or at any other office or agency maintained by us for
such purposes as provided in any prospectus supplement.
</FONT>

<P align="left">
<B><FONT size="2">Guarantees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In order to enable us to obtain more favorable
interest rates and terms, payment of principal of, premium, if
any, and interest on the Debt Securities may (if so specified in
the prospectus supplement) be guaranteed, jointly and severally,
by the Guarantors; provided that the guarantees will not be
applicable to or guarantee our obligations with respect to the
conversion of the Debt Securities into common stock if
applicable. Each guarantee will be an unsecured obligation of
each Guarantor issuing such guarantee, ranking pari passu in
right of payment with all existing and future indebtedness of a
similar series.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indentures provide that, in the event any
guarantee would constitute or result in a violation of any
applicable fraudulent conveyance or similar law of any relevant
jurisdiction, the liability of the Guarantor under such
guarantee shall be reduced to the maximum amount, after giving
effect to all other contingent and other liabilities of such
Guarantor, permissible under the applicable fraudulent
conveyance or similar law.
</FONT>

<P align="left">
<B><FONT size="2">Global Certificates</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Debt Securities of a series may be issued in
whole or in part in the form of one or more global certificates
that will be deposited with a depository identified in a
prospectus supplement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The specific terms of the depository arrangements
with respect to any Debt Securities of a series will be
described in a prospectus supplement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless otherwise specified in a prospectus
supplement, Debt Securities issued in the form of a global
certificate to be deposited with a depository will be
represented by a global certificate registered in the name of
the depository or its nominee. Upon the issuance of a global
certificate in registered form, the depository for the global
certificate will credit, on its book-entry registration and
transfer system, the respective principal amounts of the Debt
Securities represented by the global certificate to the accounts
of institutions that have accounts with the depository or its
nominee. The accounts to be credited shall be designated by the
underwriters or agents of the Debt Securities or by us, if the
Debt Securities are offered and sold directly by us. Ownership
of beneficial interests in a global certificate will be limited
to participants or persons that may hold interests through
participants. Ownership of beneficial interests by participants
in a global certificate will be shown on, and the transfer of
that ownership interest will be effected only through, records
maintained by the depository or its nominee for the global
certificate. Ownership of beneficial interests in a global
certificate by persons that hold through participants will be
shown on, and the transfer of that ownership interest within the
participant will be effected only through, records maintained by
the participant. The laws of some jurisdictions require that
certain purchasers of securities take physical delivery of the
securities in definitive form. These limits and laws may impair
the ability to transfer beneficial interests in a global
certificate.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">So long as the depository for a global
certificate in registered form, or its nominee, is the
registered owner of the global certificate, the depository or
its nominee, as the case may be, will be considered the sole
owner or holder of the Debt Securities of the series represented
by the global certificate for all purposes under the indentures.
Generally, owners of beneficial interests in a global
certificate will not be entitled to have Debt Securities of the
series represented by the global certificate registered in their
names,
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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<DIV align="left">
<FONT size="2">will not receive or be entitled to receive
physical delivery of Debt Securities in definitive form, and
will not be considered the owners or holders of the global
certificate under the applicable indenture.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payment of principal of, premium, if any, and any
interest on Debt Securities of a series registered in the name
of or held by a depository or its nominee will be made to the
depository or its nominee, as the case may be, as the registered
owner or the holder of a global certificate representing the
Debt Securities. None of Pulte, the trustee, any paying agent,
or the applicable debt security registrar for the Debt
Securities will have any responsibility or liability for any
aspect of the records relating to or payments made on account of
beneficial ownership interests in a global certificate for the
Debt Securities or for maintaining, supervising or reviewing any
records relating to those beneficial ownership interests.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expect that the depository for Debt Securities
of a series, upon receipt of any payment of principal, premium
or interest in respect of a permanent global certificate, will
credit immediately participants&#146; accounts with payments in
amounts proportionate to their respective beneficial interests
in the principal amount of the global certificate as shown on
the records of the depository. We also expect that payments by
participants to owners of beneficial interests in a global
certificate held through the participants will be governed by
standing instructions and customary practices, as is now the
case with securities held for the accounts of customers in
bearer form or registered in &#147;street name,&#148; and the
payments will be the responsibility of the participants.
However, we have no control over the practices of the depository
and/or the participants and there can be no assurance that these
practices will not be changed.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless it is exchanged in whole or in part for
Debt Securities in definitive form, a global certificate may
generally be transferred only as a whole unless it is being
transferred to certain nominees of the depository.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless otherwise stated in any prospectus
supplement, The Depository Trust Company, New York, New York
will act as depository. Beneficial interests in global
certificates will be shown on, and transfers of global
certificates will be effected only through, records maintained
by The Depository Trust Company and its participants.
</FONT>

<P align="left">
<B><FONT size="2">Events of Default</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Event of default&#148; when used in an
indenture will mean any of the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">failure to pay when due interest on any Debt
    Security for 30&nbsp;days;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">failure to pay the principal or any premium on
    any Debt Security when due;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">failure to deposit any sinking fund payment when
    due;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">failure to perform any other covenant in the
    indenture that continues for 60&nbsp;days after being given
    written notice;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">certain events in bankruptcy, insolvency or
    reorganization of Pulte; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any other event of default included in any
    indenture or supplemental indenture.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">An event of default for a particular series of
Debt Securities does not necessarily constitute an event of
default for any other series of Debt Securities issued under an
indenture. The trustee may withhold notice to the holders of
Debt Securities of any default, except in the payment of
principal or interest, if it considers such withholding of
notice to be in the best interests of the holders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If an event of default for any series of Debt
Securities occurs and continues, the trustee or the holders of
at least 25% of the total principal amount of the Debt
Securities of the series may declare the entire principal of
that series due and payable immediately. If this happens,
subject to certain conditions, the holders of a majority of the
aggregate principal amount of the Debt Securities of that series
can void the declaration.
</FONT>

<P align="center"><FONT size="2">12
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indentures contain provisions entitling the
trustee with respect to any series of Debt Securities, subject
to the duty of the trustee during default to act with the
required standard of care, to be indemnified by the holders of
the applicable Debt Securities before proceeding to exercise any
right or power under the applicable indenture at the request of
the holders of such Debt Securities. The indentures also provide
that the holders of a majority in principal amount of the
outstanding Debt Securities of any series may direct the time,
method and place of conducting any proceeding for any remedy
available to the trustee for such series of Debt Securities. The
indentures contain a covenant that we will file annually with
the trustee a certificate as to the absence of any default or
specifying any default that exists.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indentures limit the right to institute legal
proceedings. No holder of any Debt Security will have the right
to bring a claim under an indenture unless:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the holder has given written notice of default to
    the trustee;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the holders of not less than 25% of the aggregate
    principal amount of Debt Securities of a particular series shall
    have made a written request to the trustee to bring the claim
    and furnished the trustee reasonable indemnification as it may
    require;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the trustee has not commenced an action within
    60&nbsp;days of receipt of that notice and indemnification; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">no direction inconsistent with the request has
    been given to the trustee by the holders of not less than a
    majority of the aggregate principal amount of the Debt
    Securities of the series then outstanding.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Regarding the Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Bank One Trust Company, National Association is
trustee under the indentures, pursuant to which certain of our
debt securities are outstanding. Bank One Trust Company,
National Association or other banks or trust companies will act
as trustee pursuant to which the Debt Securities are to be
issued. Bank One Trust Company, National Association maintains
normal banking relationships with us (and is an affiliate of
Bank One, NA, which participates in and acts as co-agent in our
Bank Credit Facility and provides cash management and other
services for us in the normal course of our business).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trustee may resign or be removed with respect
to one or more series of Debt Securities and a successor trustee
may be appointed to act with respect to such series. In the
event that two or more persons are acting as trustee with
respect to different series of Debt Securities under a single
indenture, each such trustee shall be a trustee of a trust under
the applicable indenture separate and apart from the trust
administered by any other such trustee, and any action described
herein to be taken by the trustee may then be taken by each such
trustee with respect to, and only with respect to, the one or
more series of Debt Securities for which it is trustee.
</FONT>

<P align="left">
<B><FONT size="2">Defeasance of Debt Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If permitted by the terms of any Debt Securities,
we may terminate certain of our obligations under the indenture,
including our obligations to comply with the restrictive
covenants described in this prospectus, on the terms and subject
to the conditions contained in such indenture, by depositing in
trust with the trustee money or obligations of, or guaranteed
by, the United States sufficient to pay the principal of,
premium, if any, and interest, if any, on such Debt Securities
to maturity (or earlier redemptions).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The prospectus supplement will set forth the
specific provisions, if any, permitting such defeasance or
covenant defeasance, including any modifications to the
provisions described above, with respect to the Debt Securities
of or within a particular series.
</FONT>

<P align="center"><FONT size="2">13
</FONT>

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<P align="left">
<B><FONT size="2">Consolidation, Merger and Sale of
Assets</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as may otherwise be provided in a
prospectus supplement, neither we, the Guarantors nor the
Restricted Subsidiaries will consolidate or merge into or sell,
assign, transfer or lease all or substantially all of its
assets, to another person, unless:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the person is a corporation organized under the
    laws of the United States of America or any state thereof;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the person assumes by supplemental indenture all
    the obligations of Pulte or such Guarantor or Restricted
    Subsidiary, as the case may be, relating to the Debt Securities,
    the guarantees and the indenture, as the case may be; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">immediately after the transaction no event of
    default exists; except that this prohibition will not restrict
    or be applicable to a merger, consolidation or liquidation of a
    Restricted Subsidiary or Guarantor with or into us or another
    subsidiary that is wholly-owned, directly or indirectly, by us
    that is, or concurrently with the completion of such merger,
    consolidation or liquidation becomes, a Guarantor or a
    Restricted Subsidiary that is wholly-owned, directly or
    indirectly, by us.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon any such consolidation, merger, sale,
assignment or transfer, the successor corporation will be
substituted for us or such Guarantor or Restricted Subsidiary
(including any merger or consolidation described in the proviso
at the end of the immediately preceding sentence), as
applicable, under the indenture. The successor corporation may
then exercise every power and right of ours or such Guarantor or
Restricted Subsidiary under the indenture, and we or such
Guarantor or Restricted Subsidiary, as applicable, will be
released from all of our respective liabilities and obligations
in respect of the Debt Securities and the indenture. If we or
any Guarantor or Restricted Subsidiary leases all or
substantially all of its assets, the lessee corporation will be
the successor to us or such Guarantor or Restricted Subsidiary
and may exercise every power and right of ours or such Guarantor
or Restricted Subsidiary, as the case may be, under the
indenture, but we or such Guarantor or Restricted Subsidiary, as
the case may be, will not be released from our respective
obligations to pay the principal of and premium, if any, and
interest, if any, on the Debt Securities.
</FONT>

<P align="left">
<B><FONT size="2">Modification and Waiver</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and the trustee, with the consent of the
holders of at least a majority of the principal amount of the
Debt Securities, may execute supplemental indentures adding any
provisions to or changing or eliminating any of the provisions
of the indenture or modifying the rights of the holders of the
Debt Securities, except that no such supplemental indenture may,
without the consent of the holder of each outstanding Debt
Security affected by the supplemental indenture, among other
things:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">extend the final maturity of the Debt Securities,
    or reduce the rate or extend the time of payment of interest on
    the Debt Securities, or reduce the principal amount of the Debt
    Securities, or impair the right to institute suit for payment of
    the Debt Securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reduce the percentage of Debt Securities, the
    consent of the holders of which is required for any such
    supplemental indenture, for any waiver of compliance with
    certain provisions of the indenture or certain defaults under
    the indenture and their consequences provided in the indenture;
    or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">modify any of the provisions regarding the
    modification of the indenture, waivers of past defaults and
    waivers of certain covenants, except to increase any percentage
    or to provide that certain other provisions of the indenture
    cannot be modified or waived without the consent of the holder
    of each outstanding security affected thereby.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Board of Directors does not have the power to
waive any of the covenants of the indentures including those
relating to consolidation, merger or sale of assets.
</FONT>

<P align="center"><FONT size="2">14
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and the trustee may modify or amend provisions
of the indenture without the consent of any holder for any of
the following purposes:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to evidence the succession of another person to
    us or any Guarantor under the indenture and the Debt Securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to add to our covenants or the covenants of any
    Guarantor for the benefit of the holders of the Debt Securities
    or to surrender any right or power conferred upon us or such
    Guarantor by the indenture;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to add events of default for the benefit of the
    holders of the Debt Securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to change or eliminate any provisions of the
    indenture, provided that any such change or elimination shall
    become effective only when there are no outstanding Debt
    Securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to secure any Debt Securities under the indenture;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to establish the form or terms of the Debt
    Securities of any series;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to add Guarantors;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to provide for the acceptance of appointment by a
    successor trustee or facilitate the administration of the trusts
    under the indenture by more than one trustee;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to close the indenture to authentication and
    delivery of additional series of Debt Securities, and to cure
    any ambiguity, defect or inconsistency in the indenture,
    provided such action does not adversely affect the interests of
    holders of the Debt Securities; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to supplement any of the provisions of the
    indentures to the extent necessary to permit or facilitate
    defeasance and discharge of the Debt Securities, provided that
    such action shall not adversely affect the interests of the
    holders of the Debt Securities in any material respect.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of at least a majority in principal
amount of the outstanding Debt Securities may, on behalf of the
holders of all Debt Securities, waive any past default under the
indenture. However, they may not waive a default (1)&nbsp;in the
payment of the principal of (or premium, if any) or any interest
on any Debt Security or (2)&nbsp;in respect of a covenant or
provision which under the indenture cannot be modified or
amended without the consent of the holder of each outstanding
Debt Security affected.
</FONT>

<P align="left">
<B><FONT size="2">Certain Covenants</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In this section we describe the principal
covenants that will apply to the Debt Securities unless
otherwise indicated in the applicable prospectus supplement. We
make use of several defined terms; the associated definitions
are located at the end of this section.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Restrictions on Secured
Debt.</FONT></I><FONT size="2"> The indenture provides that we
will not, and will not cause or permit a Restricted Subsidiary
to, create, incur, assume or guarantee any Secured Debt unless
the applicable Debt Securities will be secured equally and
ratably with (or prior to) such Secured Debt, with certain
exceptions. This restriction does not prohibit the creation,
incurrence, assumption or guarantee of Secured Debt which is
secured by:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;Security Interests on model homes, homes
    held for sale, homes that are under contract for sale, contracts
    for the sale of homes, land (improved or unimproved),
    manufacturing plants, warehouses or office buildings and
    fixtures and equipment located thereat, or thereon;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;Security Interests on property at the
    time of its acquisition by us or a Restricted Subsidiary, which
    Security Interests secure obligations assumed by us or a
    Restricted Subsidiary, or on the property of a corporation or
    other entity at the time it is merged into or consolidated with
    us or a Restricted Subsidiary (other than Secured Debt created
    in contemplation of the acquisition of such property or the
    consummation of such a merger or where the Security Interest
    attaches to or affects our property or the property of a
    Restricted Subsidiary prior to such transaction);
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">15
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;Security Interests arising from
    conditional sales agreements or title retention agreements with
    respect to property acquired by us or a Restricted Subsidiary;
    and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;Security Interests securing indebtedness
    of a Restricted Subsidiary owing to us or to another Restricted
    Subsidiary that is wholly-owned (directly or indirectly) by us
    or Security Interests securing our Indebtedness owing to a
    Guarantor.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Additionally, such permitted Secured Debt
includes any amendment, restatement, supplement, renewal,
replacement, extension or refunding in whole or in part, of
Secured Debt permitted at the time of the original incurrence
thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, we and our Restricted Subsidiaries
may create, incur, assume or guarantee Secured Debt, without
equally and ratably securing the Debt Securities, if immediately
thereafter the sum of (1)&nbsp;the aggregate principal amount of
all secured debt outstanding (excluding Secured Debt permitted
under clauses (1)&nbsp;through (4)&nbsp;above and any Secured
Debt in relation to which the new notes have been equally and
ratably secured) and (2)&nbsp;all Attributable Debt (as defined
below) in respect of Sale and Leaseback Transactions (as defined
below) (excluding Attributable Debt in respect of Sale and
Leaseback Transactions as to which the net proceeds of the
property sold or transferred are applied to retire indebtedness
or to the purchase of property as described under
&#147;Restrictions on Sale and Leaseback Transactions&#148;) as
of the date of determination would not exceed 20% of
Consolidated Net Tangible Assets (as defined below).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The provisions described above with respect to
limitations on Secured Debt are not applicable to Non-Recourse
Land Financing (as defined below) by virtue of the definition of
secured debt, and will not restrict or limit our or our
Restricted Subsidiaries&#146; ability to create, incur, assume
or guarantee any unsecured indebtedness, or of any subsidiary
which is not a Restricted Subsidiary to create, incur, assume or
guarantee any secured or unsecured indebtedness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Restrictions on Sale and Leaseback
Transactions.</FONT></I><FONT size="2"> The indentures provide
that we will not, and will not permit any Restricted Subsidiary
to, enter into any Sale and Leaseback Transaction, unless:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;notice is promptly given to the trustee
    of the Sale and Leaseback Transaction;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;fair value is received by us or the
    relevant Restricted Subsidiary for the property sold (as
    determined in good faith pursuant to a resolution of our Board
    of Directors delivered to the trustee); and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;we or a Restricted Subsidiary, within
    365&nbsp;days after the completion of the Sale and Leaseback
    Transaction, apply an amount equal to the net proceeds therefrom
    either:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to the redemption, repayment or retirement of
    Debt Securities of any series under the indenture (including the
    cancellation by the trustee of any Debt Securities of any series
    delivered by us to the trustee), senior indebtedness of Pulte or
    Guarantor senior indebtedness, or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">to the purchase by us or any Restricted
    Subsidiary of property substantially similar to the property
    sold or transferred.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, we and our Restricted Subsidiaries
may enter into a Sale and Leaseback Transaction if immediately
thereafter the sum of (1)&nbsp;the aggregate principal amount of
all Secured Debt outstanding (excluding Secured Debt permitted
under clauses (1)&nbsp;through (4)&nbsp;described in
&#147;Restrictions on Secured Debt,&#148; above or Secured Debt
in relation to which the Debt Securities have been equally and
ratably secured) and (2)&nbsp;all Attributable Debt in respect
of Sale and Leaseback Transactions (excluding Attributable Debt
in respect of Sale and Leaseback Transactions as to which the
net proceeds of the property sold or transferred are applied to
retire indebtedness or to the purchase of property as described
in clause (2)&nbsp;above) as of the date of determination would
not exceed 20% of Consolidated Net Tangible Assets.
</FONT>

<P align="center"><FONT size="2">16
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Other than the above-described covenants, there
are no covenants or provisions contained in the indenture which
may afford holders of Debt Securities protection in the event we
are involved in a highly leveraged transaction.
</FONT>

<P align="left">
<B><FONT size="2">Conversion</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If provided in any prospectus supplement, the
Debt Securities will be convertible, at their principal amount
or any portion thereof which is an integral multiple of $1,000
at any time prior to their maturity, into shares of our common
stock at the conversion price set forth in the applicable
prospectus supplement, subject to adjustment in the event of the:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">subdivision, combination or reclassification of
    the outstanding common stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">payment in shares of common stock of a dividend
    or distribution on any class of our capital stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">issuance of rights or warrants to all holders of
    common stock entitling them to acquire shares of Common Stock at
    a price per share less than the current market price; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">distribution to holders of common stock of shares
    of capital stock other than common stock, evidences of
    indebtedness or assets (including securities, but excluding
    distributions exclusively in cash, and excluding dividends or
    distributions paid exclusively in common stock, rights and
    warrants referred to above).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not be required to issue fractional
shares of common stock but will pay a cash adjustment in lieu
thereof. Except as otherwise provided in the prospectus
supplement, interest accrued shall not be paid on Debt
Securities converted. If any Debt Security not called for
redemption is converted between a record date for the payment of
interest and the next succeeding interest payment date, such
Debt Security must be accompanied by funds equal to the interest
payable on such interest payment date on the principal amount so
converted.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">There will be no upward adjustment in the
conversion price except in the event of a reverse stock split.
We are not required to make any adjustment in the conversion
price of less than $0.01, but the same will be carried forward
and taken into account in the computation of any subsequent
adjustment. The conversion price will not be subject to
adjustment under any circumstances not referred to in this
paragraph, such as tender offers, open market purchases or other
acquisitions of shares of common stock by us and/or our
subsidiaries, unless otherwise provided with respect to any
particular series of Debt Securities in the applicable
prospectus supplement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In case of any reclassification (excluding those
referred to above), merger, consolidation or sale of
substantially all of our assets as an entirety, the holder of
each outstanding convertible Debt Security shall have the right
to convert such Debt Security only into the kind and amount of
shares of stock and other securities and property (including
cash) receivable by a holder of the number of shares of Common
Stock into which such Debt Security might have been converted
immediately prior to the effective date of the transaction.
</FONT>

<P align="left">
<B><FONT size="2">Certain Definitions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Attributable Debt&#148; means, in respect
of a Sale and Leaseback Transaction, the present value
(discounted at the weighted average effective interest cost per
annum of the outstanding debt securities of all series,
compounded semiannually) of the obligation of the lessee for
rental payments during the remaining term of the lease included
in such transaction, including any period for which such lease
has been extended or may, at the option of the lessor, be
extended or, if earlier, until the earliest date on which the
lessee may terminate such lease upon payment of a penalty (in
which case the obligation of the lessee for rental payments
shall include such penalty), after excluding all amounts
required to be paid on account of maintenance and repairs,
insurance, taxes, assessments, water and utility rates and
similar charges.
</FONT>

<P align="center"><FONT size="2">17
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Consolidated Net Tangible Assets&#148;
means the total amount of assets which would be included on a
combined balance sheet of the Restricted Subsidiaries (not
including Pulte) together with the total amount of assets that
would be included on our balance sheet, not including our
subsidiaries, under generally accepted accounting principles
(less applicable reserves and other properly deductible items)
after deducting therefrom:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;all short-term liabilities, except for
    liabilities payable by their terms more than one year from the
    date of determination (or renewable or extendible at the option
    of the obligor for a period ending more than one year after such
    date) and liabilities in respect of retiree benefits other than
    pensions for which the Restricted Subsidiaries are required to
    accrue pursuant to Statement of Financial Accounting Standards
    No.&nbsp;106;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;investments in subsidiaries that are not
    Restricted Subsidiaries, including, without limitation, Pulte
    Mortgage Corporation; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;all goodwill, trade names, trademarks,
    patents, unamortized debt discount, unamortized expense incurred
    in the issuance of debt and other tangible assets.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Non-Recourse Land Financing&#148; means any
indebtedness of ours or any Restricted Subsidiary for which the
holder of such indebtedness has no recourse, directly or
indirectly, to us or such Restricted Subsidiary for the
principal of, premium, if any, and interest on such
indebtedness, and for which we or such Restricted Subsidiary are
not, directly or indirectly, obligated or otherwise liable for
the principal of, premium, if any, and interest on such
indebtedness, except pursuant to mortgages, deeds of trust or
other Security Interests or other recourse obligations or
liabilities in respect of specific land or other real property
interests of ours or such Restricted Subsidiary; provided that
recourse obligations or liabilities of ours or such Restricted
Subsidiary solely for indemnities, covenants or breach of
warranty representation or covenant in respect of any
indebtedness will not prevent indebtedness from being classified
as Non-Recourse Land Financing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Restricted Subsidiary&#148; means any
Guarantor and any other of our subsidiaries as of the date of
the indenture and any successor to such Guarantor or subsidiary
other than (a)&nbsp;First Heights Bank, Pulte Financial
Companies, Inc., Pulte Mortgage Corporation, Pulte Diversified
Companies, Inc. or North American Builders Indemnity Corporation
and (b)&nbsp;any successor to any of the subsidiaries described
in clause (a).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Sale and Leaseback Transaction&#148; means
a sale or transfer made by us or a Restricted Subsidiary (except
a sale or transfer made to us or another Restricted Subsidiary)
of any (a)&nbsp;manufacturing facility, office building or
warehouse whose book value equals or exceeds 1% of Consolidated
Net Tangible Assets as of the date of determination or
(b)&nbsp;other property (not including model homes) which
exceeds 5% of Consolidated Net Tangible Assets as of the date of
determination, if such sale or transfer is made with the
agreement, commitment or intention of leasing such property to
us or a Restricted Subsidiary.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Secured Debt&#148; means any Indebtedness
which is secured by (a)&nbsp;a Security Interest in any of our
property or the property of any Restricted Subsidiary or
(b)&nbsp;a Security Interest in shares of stock owned directly
or indirectly by us or a Restricted Subsidiary in a corporation
or in equity interests owned by us or a Restricted Subsidiary in
a partnership or other entity not organized as a corporation or
in our rights or the rights of a Restricted Subsidiary in
respect of indebtedness of a corporation, partnership or other
entity in which we or a Restricted Subsidiary has an equity
interest; provided that &#147;Secured Debt&#148; shall not
include Non-Recourse Land Financing that consists exclusively of
&#147;land under development,&#148; &#147;land held for future
development&#148; or &#147;improved lots and parcels,&#148; as
such categories of assets are determined in accordance with
generally accepted accounting principles. The securing in the
foregoing manner of any such indebtedness which immediately
prior thereto was not Secured Debt shall be deemed to be the
creation of Secured Debt at the time security is given.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Security Interest&#148; means any mortgage,
pledge, lien, encumbrance or other security interest which
secures the payment or performance of an obligation.
</FONT>

<P align="center"><FONT size="2">18
</FONT>

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<!-- link1 "DESCRIPTION OF CAPITAL STOCK" -->
<DIV align="left"><A NAME="019"></A></DIV>

<P align="center">
<B><FONT size="2">DESCRIPTION OF CAPITAL STOCK</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following general summary of our capital
stock and certain provisions of the Michigan Business
Corporation Act (&#147;MBCA&#148;) is qualified in its entirety
by reference to our articles of incorporation, as amended (the
&#147;Articles of Incorporation&#148;), and the MBCA.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On April&nbsp;30, 2002, 60,875,831 shares of
common stock were issued and outstanding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On May&nbsp;15, 2002, we held the Annual Meeting
of our shareholders at which time the shareholders voted to
amend our Articles of Incorporation to increase the number of
authorized shares of common stock from 100,000,000 to
200,000,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of the common stock are entitled to
one vote for each share on all matters voted on by shareholders,
including election of directors. The holders of the common stock
do not have any cumulative value, conversion, redemption,
sinking fund or preemptive rights. In the event of our
dissolution, liquidation or winding up, holders of the common
stock will be entitled to share ratably in any assets remaining
after the satisfaction in full of the prior rights of creditors,
including holders of our indebtedness, and the aggregate
liquidation preference of any Preferred Stock then outstanding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The common stock is listed on the New&nbsp;York
Stock Exchange. We intend to apply to the New&nbsp;York Stock
Exchange to list the additional shares of common stock offered
hereby and issuable upon conversion of convertible Debt
Securities, if any. Equiserve, L.P. is the transfer agent and
registrar for the common stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are also authorized by our Articles of
Incorporation to issue 25,000,000 shares of preferred stock, par
value $.01 per share (the &#147;Preferred Stock&#148;), none of
which have been issued. Our Board of Directors has authority to
divide the 25,000,000 shares of Preferred Stock into series and
to fix the rights and preferences of any series so established.
Variations between different series may be created by the Board
of Directors with respect to such matters as voting rights, rate
of dividend, priority of payment, rights of accumulation,
redemption or signing fund terms, preferences upon liquidation
or dissolution, conversion rights and any other preferences or
rights.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Articles of Incorporation provide that the
Board of Directors will be divided into three classes, as nearly
equal in number as possible, with the term of office of one
class expiring each year. The present Board of Directors
consists of 8 persons who were elected to the Board of Directors
for terms of three years each by our shareholders. Our Articles
of Incorporation also provide that to the extent holders of
Preferred Stock are given the right, voting separately or by
class or series, to elect directors, such directors shall not be
divided into the foregoing classes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our Articles of Incorporation require, in
addition to any vote required by law, the affirmative vote of
the holders of at least 69.3% of the shares voting at a meeting
of shareholders in connection with (a)&nbsp;any merger or
consolidation of Pulte or any subsidiary with any
&#147;Interested Shareholder,&#148; as defined therein, or any
corporation which is, after the merger or consolidation would
be, an &#147;Affiliate,&#148; as defined therein, of an
Interested Shareholder that was an Interested Shareholder prior
to the transaction; (b)&nbsp;certain transfers to any Interested
Shareholder or Affiliate of an Interested Shareholder, other
than Pulte or any of our subsidiaries, of any of our assets or
any subsidiary which have an aggregate book value of 10% or more
of consolidated net worth; (c)&nbsp;certain transfers by us or
any subsidiary of &#147;Equity Securities,&#148; as defined
therein, of Pulte or any subsidiary which have an aggregate
market value of 5% or more of the total market value of the
outstanding shares of Pulte to any Interested Shareholder or
Affiliate of an Interested Shareholder, other than Pulte or our
subsidiaries (subject to certain exceptions); (d)&nbsp;the
adoption of any plan or proposal for our liquidation or
dissolution proposed by or on behalf of an Interested
Shareholder or any Affiliate of an Interested Shareholder, (e)
any reclassification of securities or recapitalization of Pulte,
or any merger, consolidation or share exchange by Pulte with any
of its subsidiaries which has the effect of increasing the
proportionate amount of the outstanding shares of any class of
Equity Securities of Pulte or any subsidiary which is owned by
an Interested Shareholder or any Affiliate of an Interested
Shareholder (each of the Transactions referred to in clauses
(a)&nbsp;through (e), a Business Combination&#148;); or
(f)&nbsp;any agreement, contract or arrangement providing for
one or more of the foregoing. An &#147;Interested
</FONT>

<P align="center"><FONT size="2">19
</FONT>

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<DIV align="left">
<FONT size="2">Shareholder&#148; generally includes any
beneficial owner of 10% or more of the voting power of Pulte or
any Affiliate of ours that at any time within the two year
period prior to the date in question was the beneficial owner of
10% or more of the voting power of Pulte.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The foregoing supermajority vote is not required
if (a)&nbsp;the Board of Directors approves such Business
Combination and either the Interested Shareholder has been an
Interested Shareholder for at least two years prior to the date
of the Board approval or such proposed transaction was approved
by the Board prior to the time the Interested Shareholder became
an Interested Shareholder or (b)&nbsp;a majority of the
outstanding stock of such other corporation is owned by us or
our subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The foregoing supermajority provisions may only
be amended by the affirmative vote of 69.3% of the shares voting
on the proposed amendment at a meeting of shareholders, in
addition to any vote otherwise required by law.
</FONT>

<P align="left">
<B><FONT size="2">Certain Provisions of the Michigan Business
Corporation Act</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Chapters 7A and 7B of the Michigan Business
Corporation Act (&#147;MBCA&#148;) may affect attempts to
acquire control of Pulte. Pursuant to our Articles of
Incorporation, we have expressly elected not to be subject to
the provisions of Chapter&nbsp;7A of the MBCA; however, the
Board of Directors may terminate this election in whole or in
part by action of the majority of directors then in office.
Chapter&nbsp;7A applies to &#147;Business Combinations,&#148;
defined to include, among other transactions, certain mergers,
substantial sales of assets or securities and recapitalizations
between covered Michigan business corporations or their
subsidiaries and an &#147;Interested Shareholder&#148;
(generally a beneficial owner of 10% or more of the voting power
of the Company&#146;s outstanding voting stock). In general,
Chapter&nbsp;7A requires, for any Business Combination, an
advisory statement from the Board of Directors, the approval of
holders of at least 90% of each class of the shares entitled to
vote and the approval of holders of at least two-thirds of such
voting shares not held by the Interested Shareholder, its
affiliates and associates. These requirements do not apply,
however, where the Interested Shareholder satisfies certain
&#147;fair price,&#148; form of consideration and other
requirements and at least five years have elapsed after the
person involved became an Interested Shareholder. Our Board of
Directors has the power to elect to be subject to
Chapter&nbsp;7A as to specifically identified or unidentified
Interested Shareholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to our Bylaws, we have also expressly
elected not to be subject to the provisions of Chapter&nbsp;7B
of the MBCA: however, our Board of Directors may terminate this
election by action of the majority of directors then in office.
Generally, under Chapter&nbsp;7B an entity that acquires
&#147;Control Shares&#148; of Pulte may vote the Control Shares
on any matter only if a majority of all shares, and of all non
&#147;Interested Shares,&#148; of each class of shares entitled
to vote as a class, approve such voting rights. In general,
&#147;Interested Shares&#148; are shares owned by
employee-directors of Pulte, all its officers, or the entity
making the &#147;Control Share Acquisition.&#148; &#147;Control
Shares&#148; are shares that, when added to those already owned
by an entity, would give the entity voting power in the election
of directors over any of three thresholds: one-fifth, one-third
and a majority. If Control Shares acquired in a Control Share
Acquisition are accorded full voting rights and the acquirer of
such Control Shares has acquired a majority of all voting power
of Pulte, Chapter&nbsp;7B would afford special dissenters&#146;
rights to our shareholders other than the acquiring person,
unless otherwise provided in our Articles of Incorporation or
Bylaws before the Control Share Acquisition occurs. The effect
of the statute is to condition the acquisition of voting control
of the corporation on the approval of a majority of pre-existing
disinterested shareholders. Our Board of Directors may amend the
Bylaws before a Control Share Acquisition occurs to provide that
Chapter&nbsp;7B applies to us. Our Board of Directors currently
has no plans to effect any such amendment, nor is it aware of
any other plans or proposals to do so by a shareholder.
</FONT>

<!-- link1 "DESCRIPTION OF WARRANTS" -->
<DIV align="left"><A NAME="020"></A></DIV>

<P align="center">
<B><FONT size="2">DESCRIPTION OF WARRANTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may issue warrants to purchase Debt
Securities, common stock, or other securities. We may issue
warrants independently or together with other securities.
Warrants sold with other securities may be
</FONT>

<P align="center"><FONT size="2">20
</FONT>

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<DIV align="left">
<FONT size="2">attached to or separate from the other
securities. We will issue warrants under one or more warrant
agreements between us and a warrant agent that we will name in
the prospectus supplement.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The prospectus supplement relating to any
warrants we are offering will include specific terms relating to
the offering. These terms will include some or all of the
following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the title of the warrants;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the aggregate number of warrants offered;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the designation, number and terms of the Debt
    Securities, common stock or other securities purchasable upon
    exercise of the warrants and procedures by which those numbers
    may be adjusted;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the exercise price of the warrants;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the dates or periods during which the warrants
    are exercisable;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the designation and terms of any securities with
    which the warrants are issued;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if the warrants are issued as a unit with another
    security, the date on and after which the warrants and the other
    security will be separately transferable;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if the exercise price is not payable in U.S.
    dollars, the foreign currency, currency unit or composite
    currency in which the exercise price is denominated;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any minimum or maximum amount of warrants that
    may be exercised at any one time;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any terms relating to the modification of the
    warrants; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any terms, procedures and limitations relating to
    the transferability, exchange or exercise of the warrants.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The description in the prospectus supplement will
not necessarily be complete, and reference will be made to the
warrant agreements which will be filed with the SEC.
</FONT>

<!-- link1 "DESCRIPTION OF STOCK PURCHASE CONTRACTS AND STOCK PURCHASE UNITS" -->
<DIV align="left"><A NAME="021"></A></DIV>

<P align="center">
<B><FONT size="2">DESCRIPTION OF STOCK PURCHASE CONTRACTS AND
STOCK PURCHASE UNITS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may issue stock purchase contracts, including
contracts obligating holders to purchase from us, and us to sell
to the holders, a specified number of shares of common stock at
a future date or dates, which we refer to herein as &#147;Stock
Purchase Contracts.&#148; The price per share of common stock
and number of shares of common stock may be fixed at the time
the Stock Purchase Contracts are issued or may be determined by
reference to a specific formula set forth in the Stock Purchase
Contracts. The Stock Purchase Contracts may be issued separately
or as a part of units consisting of a Stock Purchase Contract
and our Debt Securities or debt obligations of third parties,
including U.S. Treasury securities, securing the holders&#146;
obligations to purchase the common stock under the Stock
Purchase Contracts, which we refer to herein as &#147;Stock
Purchase Units.&#148; The Stock Purchase Contracts may require
holders to secure their obligations thereunder in a specified
manner. The Stock Purchase Contracts also may require us to make
periodic payments to the holders of the Stock Purchase Units or
vice-versa and such payments may be unsecured or prefunded on
some basis.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The applicable prospectus supplement will
describe the terms of any Stock Purchase Contracts or Stock
Purchase Units. The description in the prospectus supplement
will not necessarily be complete, and reference will be made to
the Stock Purchase Contracts, and, if applicable, collateral or
depositary arrangements, relating to the Stock Purchase
Contracts or Stock Purchase Units. Material United States
federal income tax considerations applicable to the Stock
Purchase Units and the Stock Purchase Contracts will also be
discussed in the applicable prospectus supplement.
</FONT>

<P align="center"><FONT size="2">21
</FONT>

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<!-- link1 "DESCRIPTION OF TRUST PREFERRED SECURITIES" -->
<DIV align="left"><A NAME="022"></A></DIV>

<P align="center">
<B><FONT size="2">DESCRIPTION OF TRUST PREFERRED
SECURITIES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The terms of the trust preferred securities will
include those stated in the declaration of trust (as it may be
amended and restated from time to time) and those made a part of
that declaration by the Trust Indenture Act of 1939. For a
complete description of the trust preferred securities, we
encourage you to read the applicable prospectus supplement. In
addition, we encourage you to read the amended and restated
declaration of trust, a form of which will be filed with the
SEC. Please read &#147;Where You Can Find More Information.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The prospectus supplement relating to trust
preferred securities being offered will include specific terms
relating to the offering. These terms will include some or all
of the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the designation of the trust preferred securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the number of trust preferred securities issued
    by the trust;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the annual distribution rate and any conditions
    upon which distributions are payable, the distribution payment
    dates, the record dates for distribution payments and the
    additional amounts, if any, that may be payable with respect to
    the trust preferred securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">whether distributions will be cumulative and
    compounding and, if so, the dates from which distributions will
    be cumulative or compounded;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the amounts that will be paid out of the assets
    of the trust, after the satisfaction of liabilities to creditors
    of the trust, to the holders of trust preferred securities upon
    dissolution;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any repurchase, redemption or exchange provisions;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any preference or subordination rights upon a
    default or liquidation of the trust;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any voting rights of the trust preferred
    securities in addition to those required by law;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">terms for any conversion or exchange of the debt
    securities or the trust preferred securities into other
    securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any rights to defer distributions on the trust
    preferred securities by extending the interest payment period on
    the debt securities; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any other relevant terms, rights, preferences,
    privileges, limitations or restrictions of the trust preferred
    securities.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The regular trustees, on behalf of the trust and
pursuant to the declaration of trust, will issue one class of
trust preferred securities and one class of trust common
securities (collectively, the &#147;trust securities&#148;). The
trust securities will represent undivided beneficial ownership
interests in the assets of the trust.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as described in the applicable prospectus
supplement, the trust preferred securities will rank equally,
and payments will be made thereon proportionately, with the
trust common securities. The property trustee of the trust will
hold legal title to the debt securities in trust for the benefit
of the holders of the trust securities. We will execute a
guarantee agreement for the benefit of the holders of the trust
preferred securities. The guarantee will not guarantee the
payment of distributions (as defined below) or any amounts
payable on redemption or liquidation of the trust preferred
securities when the trust does not have funds on hand available
to make such payments.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the prospectus supplement we will also
describe certain material United States federal income tax
consequences and special considerations applicable to the trust
preferred securities.
</FONT>

<P align="center"><FONT size="2">22
</FONT>

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<!-- link1 "DESCRIPTION OF THE TRUST PREFERRED SECURITIES GUARANTEE" -->
<DIV align="left"><A NAME="023"></A></DIV>

<P align="center">
<B><FONT size="2">DESCRIPTION OF THE TRUST PREFERRED SECURITIES
GUARANTEE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will fully and unconditionally guarantee
payments on the trust preferred securities as described in this
section. The guarantee covers the following payments:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">periodic cash distributions on the trust
    preferred securities out of funds held by the property trustee
    of the trust;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">payments on dissolution of each trust; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">payments on redemption of trust preferred
    securities of each trust.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Bank One Trust Company, National Association, as
guarantee trustee, will hold the guarantee for the benefit of
the holders of trust preferred securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have summarized selected provisions of the
guarantee below. This summary is not complete. For a complete
description, we encourage you to read the guarantee, the form of
which we have filed with the SEC. Please read &#147;Where You
Can Find More Information.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will irrevocably and unconditionally agree to
pay you in full the following amounts to the extent not paid by
the trust:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any accumulated and unpaid distributions and any
    additional amounts with respect to the trust preferred
    securities and any redemption price for trust preferred
    securities called for redemption by the trust, if and to the
    extent that we have made corresponding payments on the debt
    securities to the property trustee of the trust;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">payments upon the dissolution of the trust equal
    to the lesser of:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the liquidation amount plus all accumulated and
    unpaid distributions and additional amounts on the trust
    preferred securities to the extent the trust has funds legally
    available for those payments; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the amount of assets of the trust remaining
    legally available for distribution to the holders of trust
    preferred securities in liquidation of the trust.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not be required to make these liquidation
payments if:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the trust distributes the debt securities to the
    holders of trust preferred securities in exchange for their
    trust preferred securities; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the trust redeems the trust preferred securities
    in full upon the maturity or redemption of the debt securities.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may satisfy our obligation to make a guarantee
payment either by making payment directly to the holders of
trust preferred securities or to the guarantee trustee for
remittance to the holders or by causing the applicable trust to
make the payment to them.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each guarantee is a guarantee from the time of
issuance of the applicable series of trust preferred securities.
THE GUARANTEE ONLY COVERS, HOWEVER, DISTRIBUTIONS AND OTHER
PAYMENTS ON TRUST PREFERRED SECURITIES IF AND TO THE EXTENT THAT
WE HAVE MADE CORRESPONDING PAYMENTS ON THE DEBT SECURITIES TO
THE APPLICABLE PROPERTY TRUSTEE. IF WE DO NOT MAKE THOSE
CORRESPONDING PAYMENTS ON THE DEBT SECURITIES, THE TRUST WILL
NOT HAVE FUNDS AVAILABLE FOR PAYMENTS AND WE WILL HAVE NO
OBLIGATION TO MAKE A GUARANTEE PAYMENT.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our obligations under the declaration of trust
for each trust, the guarantee, the debt securities and the
associated indenture taken together will provide a full and
unconditional guarantee of payments due on the trust preferred
securities. We will describe the specific terms of the guarantee
in a prospectus supplement.
</FONT>

<P align="center"><FONT size="2">23
</FONT>

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<P align="left">
<B><FONT size="2">Covenants of Pulte</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In each guarantee, we will agree that, as long as
any trust preferred securities issued by the applicable trust
are outstanding, we will not make the payments and distributions
described below if:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we are in default on our guarantee payments or
    other payment obligations under the related guarantee;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any trust enforcement event under the applicable
    declaration of trust has occurred and is continuing; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we have elected to defer payments of interest on
    the related debt securities by extending the interest payment
    period and that deferral period is continuing.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In these circumstances, we will agree that we
will not:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">declare or pay any dividends or distributions on,
    or redeem, purchase, acquire, or make a liquidation payment with
    respect to, any of our capital stock; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">make any payment of principal, interest or
    premium, if any, on or repay, repurchase or redeem any debt
    securities that rank equally with or junior in interest to the
    debt securities or make any guarantee payments with respect to
    any guarantee by us of the debt of any of our subsidiaries if
    such guarantee ranks equally with or junior in interest to the
    debt securities.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">However, even during such circumstances, we may:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">purchase or acquire our capital stock in
    connection with the satisfaction by us of our obligations under
    any employee benefit plans or pursuant to any contract or
    security outstanding on the first day of any extension period
    requiring us to purchase our capital stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reclassify our capital stock or exchange or
    convert one class or series of our capital stock for another
    class or series of our capital stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">purchase fractional interests in shares of our
    capital stock pursuant to the conversion or exchange provisions
    of such capital stock or the security being converted or
    exchanged;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">declare dividends or distributions payable in our
    capital stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">redeem or repurchase any rights pursuant to a
    rights agreement; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">make payments under the guarantee related to the
    trust preferred securities.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, as long as trust preferred
securities issued by any trust are outstanding, we will agree
that we will:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">remain the sole direct or indirect owner of all
    the outstanding common securities of that trust, except as
    permitted by the applicable declaration of trust;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">permit the trust common securities of that trust
    to be transferred only as permitted by the declaration of trust;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">use reasonable efforts to cause that trust to
    continue to be treated as a grantor trust for United States
    federal income tax purposes, except in connection with a
    distribution of debt securities to the holders of trust
    preferred securities as provided in the declaration of trust, in
    which case the trust would be dissolved.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Amendments and Assignment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and the guarantee trustee may amend each
guarantee without the consent of any holder of trust preferred
securities if the amendment does not adversely affect the rights
of the holders in any material respect. In all other cases, we
and the guarantee trustee may amend each guarantee only with the
prior
</FONT>

<P align="center"><FONT size="2">24
</FONT>

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<DIV align="left">
<FONT size="2">approval of the holders of at least a majority of
outstanding trust preferred securities issued by the applicable
trust.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may assign our obligations under the
guarantees only in connection with a consolidation, merger or
asset sale involving us permitted under the indenture governing
the debt securities.
</FONT>

<P align="left">
<B><FONT size="2">Termination of the Guarantee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A guarantee will terminate upon:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">full payment of the redemption price of all trust
    preferred securities of the applicable trust;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">distribution of the related debt securities, or
    any securities into which those debt securities are convertible,
    to the holders of the trust preferred securities and trust
    common securities of that trust in exchange for all the
    securities issued by that trust; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">full payment of the amounts payable upon
    liquidation of that trust.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each guarantee will, however, continue to be
effective or will be reinstated if any holder of trust preferred
securities must repay any amounts paid on those trust preferred
securities or under the guarantee.
</FONT>

<P align="left">
<B><FONT size="2">Status of the Guarantee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our obligations under each guarantee will be
unsecured and effectively junior to all debt and preferred stock
of our subsidiaries. BY YOUR ACCEPTANCE OF THE TRUST PREFERRED
SECURITIES, YOU AGREE TO ANY SUBORDINATION PROVISIONS AND OTHER
TERMS OF THE RELATED GUARANTEE. We will specify in a prospectus
supplement the ranking of each guarantee with respect to our
capital stock and other liabilities, including other guarantees.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each guarantee will be deposited with the
guarantee trustee to be held for your benefit. The guarantee
trustee will have the right to enforce the guarantee on your
behalf. In most cases, the holders of a majority of outstanding
trust preferred securities issued by the applicable trust will
have the right to direct the time, method and place of:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">conducting any proceeding for any remedy
    available to the applicable guarantee trustee; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">exercising any trust or other power conferred
    upon that guarantee trustee under the applicable guarantee.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each guarantee will constitute a guarantee of
payment and not merely of collection. This means that the
guarantee trustee may institute a legal proceeding directly
against us to enforce the payment rights under the guarantee
without first instituting a legal proceeding against any other
person or entity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the guarantee trustee fails to enforce the
guarantee or we fail to make a guarantee payment, you may
institute a legal proceeding directly against us to enforce your
rights under that guarantee without first instituting a legal
proceeding against the applicable trust, the guarantee trustee
or any other person or entity.
</FONT>

<P align="left">
<B><FONT size="2">Periodic Reports Under Guarantee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will be required to provide annually to the
guarantee trustee a statement as to our performance of our
obligations and our compliance with all conditions under the
guarantees.
</FONT>

<P align="left">
<B><FONT size="2">Duties of Guarantee Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The guarantee trustee normally will perform only
those duties specifically set forth in the applicable guarantee.
The guarantees do not contain any implied covenants. If a
default occurs on a guarantee, the guarantee trustee will be
required to use the same degree of care and skill in the
exercise of its powers under the guarantee as a prudent person
would exercise or use under the circumstances in the conduct of
</FONT>

<P align="center"><FONT size="2">25
</FONT>

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<DIV align="left">
<FONT size="2">his own affairs. The guarantee trustee will
exercise any of its rights or powers under the guarantee at the
request or direction of holders of the applicable series of
trust preferred securities only if it is offered security and
indemnity satisfactory to it.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Governing Law</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">New York law will govern the guarantees.
</FONT>

<P align="center">
<B><FONT size="2">RELATIONSHIP AMONG THE TRUST PREFERRED
SECURITIES,</FONT></B>

<DIV align="center">
<B><FONT size="2">THE DEBT SECURITIES AND THE
GUARANTEE</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To the extent set forth in the guarantee and to
the extent funds are available, we will irrevocably guarantee
the payment of distributions and other amounts due on the trust
securities. If and to the extent we do not make payments on the
debt securities, the trust will not have sufficient funds to pay
distributions or other amounts due on the trust securities. The
guarantee does not cover any payment of distributions or other
amounts due on the trust securities unless the trust has
sufficient funds for the payment of such distributions or other
amounts. In such event, a holder of trust securities may
institute a legal proceeding directly against us to enforce
payment of such distributions or other amounts to such holder
after the respective due dates. Taken together, our obligations
under the declaration of trust for each trust, the debt
securities, the indenture and the guarantee provide a full and
unconditional guarantee of payments of distributions and other
amounts due on the trust securities. No single document standing
alone or operating in conjunction with fewer than all of the
other documents constitutes such guarantee. It is only the
combined operation of these documents that provides a full and
unconditional guarantee of the trust&#146;s obligations under
the trust securities.
</FONT>

<P align="left">
<B><FONT size="2">Sufficiency of Payments</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As long as payments of interest and other amounts
are made when due on the debt securities, such payments will be
sufficient to cover distributions and payments due on the trust
securities because of the following factors:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the aggregate principal amount of the debt
    securities will be equal to the sum of the aggregate stated
    liquidation amount of the trust securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the interest rate and the interest and other
    payment dates on the debt securities will match the distribution
    rate and distribution and other payment dates for the trust
    securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we, as issuer of the debt securities, will pay,
    and the trust will not be obligated to pay, directly or
    indirectly, any costs, expenses, debts and obligations of the
    trust (other than with respect to the trust securities); and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the declaration of trust further provides that
    the trust will not engage in any activity that is not consistent
    with the limited purposes of the trust.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding anything to the contrary in the
indenture, we have the right to set-off any payment we are
otherwise required to make thereunder against and to the extent
we have already made, or are concurrently on the date of such
payment making, a related payment under the guarantee.
</FONT>

<P align="left">
<B><FONT size="2">Enforcement Rights of Holders of Preferred
Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The declaration of trust provides that if we fail
to make interest or other payments on the debt securities when
due (taking account of any extension period), the holders of the
trust preferred securities may direct the property trustee to
enforce its rights under the applicable indenture. If the
property trustee fails to enforce its rights under the indenture
in respect of an event of default under the indenture, any
holder of record of trust preferred securities may, to the
fullest extent permitted by applicable law, institute a legal
proceeding against us to enforce the property trustee&#146;s
rights under the indenture without first instituting any legal
proceeding against the property trustee or any other person or
entity. Notwithstanding
</FONT>

<P align="center"><FONT size="2">26
</FONT>

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<DIV align="left">
<FONT size="2">the foregoing, if a trust enforcement event has
occurred and is continuing and such event is attributable to our
failure to pay interest, premium or principal on the debt
securities on the date such interest, premium or principal is
otherwise payable, then a holder of trust preferred securities
may institute a direct action against us for payment of such
holder&#146;s pro rata share. If a holder brings such a direct
action, we will be entitled to that holder&#146;s rights under
the applicable declaration of trust to the extent of any payment
made by us to that holder.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we fail to make payments under the guarantee,
a holder of trust preferred securities may institute a
proceeding directly against us for enforcement of the guarantee
for such payments.
</FONT>

<P align="left">
<B><FONT size="2">Limited Purpose of Trust</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The trust preferred securities evidence undivided
beneficial ownership interests in the assets of the trust, and
the trust exists for the sole purpose of issuing and selling the
trust securities and using the proceeds to purchase our debt
securities. A principal difference between the rights of a
holder of trust preferred securities and a holder of debt
securities is that a holder of debt securities is entitled to
receive from us the principal amount of and interest accrued on
the debt securities held, while a holder of trust preferred
securities is entitled to receive distributions and other
payments from the trust (or from us under the guarantee) only if
and to the extent the trust has funds available for the payment
of such distributions and other payments.
</FONT>

<P align="left">
<B><FONT size="2">Rights upon Dissolution</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon any voluntary or involuntary dissolution of
the trust involving the redemption or repayment of the debt
securities, the holders of the trust securities will be entitled
to receive, out of assets held by the trust, subject to the
rights of creditors of the trust, if any, the liquidation
distribution in cash. Because we are the guarantor under the
guarantee and, as issuer of the debt securities, we have agreed
to pay for all costs, expenses and liabilities of the trust
(other than the trust&#146;s obligations to the holders of the
trust securities), the positions of a holder of trust securities
and a holder of debt securities relative to other creditors and
to our stockholders in the event of liquidation or bankruptcy of
Pulte would be substantially the same.
</FONT>

<!-- link1 "PLAN OF DISTRIBUTION" -->
<DIV align="left"><A NAME="024"></A></DIV>

<P align="center">
<B><FONT size="2">PLAN OF DISTRIBUTION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may sell the offered securities in and outside
the United States from time to time (a)&nbsp;through
underwriters or dealers, (b)&nbsp;directly to purchasers,
including our affiliates, (c)&nbsp;through agents, or
(d)&nbsp;through a combination of any of these methods. The
prospectus supplement will include the following information:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the terms of the offering;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the names of any underwriters or agents;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the name or names of any managing underwriter or
    underwriters;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the purchase price of the securities from us;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the net proceeds to us from the sale of the
    securities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any delayed delivery arrangements;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any underwriting discounts, commissions and other
    items constituting underwriters&#146; compensation;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any initial public offering price;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any discounts or concessions allowed or reallowed
    or paid to dealers; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any commissions paid to agents.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">27
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Underwriters, dealers, agents and remarketing
firms that participate in the distribution of the offered
securities may be &#147;underwriters&#148; as defined in the
Securities Act of 1933. Any discounts or commissions they
receive from us and any profits they receive on the resale of
the offered securities may be treated as underwriting discounts
and commissions under the Securities Act of 1933. We will
identify any underwriters, agents or dealers and describe their
commissions, fees or discounts in the applicable prospectus
supplement.
</FONT>

<P align="left">
<B><FONT size="2">Sale Through Underwriters or Dealers</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we use underwriters in a sale, they will
acquire the offered securities for their own account. The
underwriters may resell the securities in one or more
transactions, including negotiated transactions. These sales
will be made at a fixed public offering price or at varying
prices determined at the time of the sale.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may offer the securities to the public through
an underwriting syndicate or through a single underwriter.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless the applicable prospectus supplement
states otherwise, the obligations of the underwriters to
purchase the offered securities will be subject to certain
conditions contained in an underwriting agreement that we will
enter into with the underwriters. The underwriters will be
obligated to purchase all of the securities of the series
offered if any of the securities are purchased, unless the
applicable prospectus supplement says otherwise. Any initial
public offering price and any discounts or concessions allowed,
re-allowed or paid to dealers may be changed from time to time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we use dealers in a sale of securities, we
will sell the securities to them as principals. They may then
resell those securities to the public at varying prices
determined by the dealers at the time of resale. We will include
in the prospectus supplement the names of the dealers and the
terms of the transaction.
</FONT>

<P align="left">
<B><FONT size="2">Direct Sales and Sales Through
Agents</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may choose to sell the offered securities
directly. In this case, no underwriters or agents would be
involved. We may also sell the securities through agents we
designate from time to time. In the prospectus supplement, we
will name any agent involved in the offer or sale of the offered
securities, and we will describe any commissions payable by us
to the agent. Unless we inform you otherwise in the prospectus
supplement, any agent will agree to use its best efforts to
solicit purchases for the period of its appointment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may sell the securities directly to
institutional investors or others who may be deemed to be
underwriters within the meaning of the Securities Act of 1933
with respect to any sale of those securities. We will describe
the terms of any such sales in the prospectus supplement.
</FONT>

<P align="left">
<B><FONT size="2">Delayed Delivery Contracts</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we so indicate in the prospectus supplement,
we may authorize agents, underwriters or dealers to solicit
offers from certain types of institutions to purchase securities
from us at the public offering price under delayed delivery
contracts. These contracts would provide for payment and
delivery on a specified date in the future. The contracts would
be subject only to those conditions described in the prospectus
supplement. The prospectus supplement will describe the
commission payable for solicitation of those contracts.
</FONT>

<P align="left">
<B><FONT size="2">Indemnification</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may have agreements with agents, underwriters,
dealers and remarketing firms to indemnify them against certain
civil liabilities, including liabilities under the Securities
Act of 1933. Agents, underwriters, dealers and remarketing
firms, and their affiliates, may engage in transactions with, or
perform services for,
</FONT>

<P align="center"><FONT size="2">28
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">us in the ordinary course of business. This
includes commercial banking and investment banking transactions.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Market Making, Stabilization and Other
Transactions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless the applicable prospectus supplement
states otherwise, each series of offered securities will be a
new issue and will have no established trading market. We may
elect to list any series of offered securities on an exchange.
Any underwriters that we use in the sale of offered securities
may make a market in such securities, but may discontinue such
market making at any time without notice. Therefore, we cannot
assure you that the securities will have a liquid trading market.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any underwriter may engage in stabilizing
transactions, syndicate covering transactions and penalty bids
in accordance with Rule&nbsp;104 under the Securities Exchange
Act of 1934. Stabilizing transactions permit bids to purchase
the underlying security so long as the stabilizing bids do not
exceed a specified maximum. Syndicate covering transactions
involve purchases of the securities in the open market after the
distribution has been completed in order to cover syndicate
short positions. Penalty bids permit the underwriters to reclaim
a selling concession from a syndicate member when the securities
originally sold by the syndicate member are purchased in a
syndicate covering transaction to cover syndicate short
positions. These stabilizing transactions, syndicate covering
transactions and penalty bids may cause the price of the
securities to be higher than it would be in the absence of the
transactions. The underwriters may, if they commence these
transactions, discontinue them at any time.
</FONT>

<!-- link1 "EXPERTS" -->
<DIV align="left"><A NAME="025"></A></DIV>

<P align="center">
<B><FONT size="2">EXPERTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements of Pulte
Homes appearing in Pulte Homes&#146; Annual Report
(Form&nbsp;10-K) for the year ended December&nbsp;31, 2001, have
been audited by Ernst&nbsp;&#38; Young LLP, independent
auditors, as set forth in their report thereon included therein
and incorporated herein by reference. Such consolidated
financial statements are incorporated herein by reference in
reliance upon such report given on the authority of such firm as
experts in accounting and auditing.
</FONT>

<!-- link1 "LEGAL OPINIONS" -->
<DIV align="left"><A NAME="026"></A></DIV>

<P align="center">
<B><FONT size="2">LEGAL OPINIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Honigman Miller Schwartz and Cohn LLP, Detroit,
Michigan, will issue an opinion letter concerning the legality
of the securities that we are offering in this prospectus, and a
law firm to be identified will issue an opinion letter as to
certain legal matters for any underwriters, dealers or agents,
unless we indicate otherwise in an applicable prospectus
supplement.
</FONT>

<P align="center"><FONT size="2">29
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="center">
<B><FONT size="4">$300,000,000</FONT></B>

<P align="center">
<B><FONT size="6">Pulte Homes, Inc.</FONT></B>

<P align="center">
<B><FONT size="4">7.875% Senior Notes due 2032</FONT></B>

<P align="center">
<IMG src="k70136pultec1.gif" alt="(PULTE LOGO)">

<P align="center">
<HR size="1" width="15%" align="center" noshade>

<P align="center">
<B><FONT size="2">PROSPECTUS SUPPLEMENT</FONT></B>

<P align="center">
<B><FONT size="2">June&nbsp;7, 2002</FONT></B>

<DIV align="center">
<HR size="1" width="15%" align="center" noshade>
</DIV>

<P align="center">
<I><FONT size="2">Sole Book Running Manager</FONT></I>

<DIV align="center">
<B><FONT size="5">Salomon Smith Barney</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<I><FONT size="2">Co-Lead Managers</FONT></I>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"><B><FONT size="5">Banc of America Securities LLC</FONT></B></TD>
    <TD align="right"><B><FONT size="5">Banc One Capital Markets, Inc.</FONT></B></TD>
</TR>

</TABLE>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<B><FONT size="5"> Comerica Securities, Inc.</FONT></B>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="5"> SunTrust Robinson Humphrey</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="20%"></TD>
    <TD width="80%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="5"> Credit Lyonnais Securities USA Inc.</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="30%"></TD>
    <TD width="70%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="5"> Credit Suisse First Boston</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="5"> PNC Capital Markets, Inc.</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="5"> ABN AMRO Incorporated</FONT></B></TD>
</TR>

</TABLE>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
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